The Crypto Daily – Movers and Shakers – November 25th, 2021
Bitcoin, BTC to USD, fell by 0.72% on Wednesday. Partially reversing a 2.30% gain from Tuesday, Bitcoin ended the day at $57,166.
A mixed morning saw Bitcoin rise to an early morning intraday high $57,762 before hitting reverse.
Falling short of the first major resistance level at $58,480, Bitcoin fell to an early afternoon intraday low $55,895.
Bitcoin fell through the first major support level at $56,064 before a partial recovery to end the day at $57,000 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 Wednesday.
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 $2,639bn before falling to a Tuesday low $2,426bn. At the time of writing, the total market cap stood at $2,528bn.
Bitcoin’s dominance rose to a Monday high 43.18% before falling to a Wednesday low 41.85%. At the time of writing, Bitcoin’s dominance stood at 42.79%.
At the time of writing, Bitcoin was up by 0.20% to $57,283. A mixed start to the day saw Bitcoin rise to an early morning high $57,469 before falling to a low $57,139.
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 5.94% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $56,941 pivot to bring the first major resistance level at $57,987 into play.
Support from the broader market would be needed for Bitcoin to break out from $57,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $58,000 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $58,808.
A fall through the $56,941 pivot would bring the first major support level at $56,120 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $53,628. The second major support level at $55,074 should limit the downside.