The Crypto Daily – Movers and Shakers – November 23rd, 2021
Bitcoin, BTC to USD, fell by 4.12% on Monday. Following a 1.81% decline on Sunday, Bitcoin ended the day at $56,281.1.
A bearish start to the day saw Bitcoin fall to a mid-morning low $56,905.0 before making a move.
Bitcoin fell through the first major support level at $58,179 and the second major support level at $57,668.
Steering clear of sub-$56,000 support levels, however, Bitcoin rallied to an early afternoon intraday high $59,456.0.
Falling short of the first major resistance level at $59,626, however, Bitcoin slid to a late intraday low $55,714.0.
Bitcoin fell back through the first and second major support levels and through the third major support level at $56,221.
Finding late support, however, Bitcoin briefly broke back through the third major support level before ending the day at $56,200 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Monday.
Crypto.com Coin rallied by 9.83% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Early in the week, the crypto total market rose to a Monday high $2,605bn before falling to a Monday low $2,461bn. At the time of writing, the total market cap stood at $2,478bn.
Bitcoin’s dominance rose to a Monday high 43.09% before falling to a Monday low 42.61%. At the time of writing, Bitcoin’s dominance stood at 42.74%.
At the time of writing, Bitcoin was down by 0.32% to $56,100.3. A mixed start to the day saw Bitcoin rise to an early morning high $56,423.0 before falling to a low $56,014.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 5.04% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $57,150 pivot to bring the first major resistance level at $58,587 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $59,456.0 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $63,000 levels before easing back. The second major resistance level sits at $60,892.
Failure to move through the $57,150 pivot would bring the first major support level at $54,845 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$53,000 levels. The second major support level at $53,408 should limit the downside.