The Crypto Daily – Movers and Shakers – November 2nd, 2021
Bitcoin, BTC to USD, slipped by 0.61% on Monday. Following a 0.89% loss on Sunday, Bitcoin ended the day at $60.949.0.
A choppy start to the day saw Bitcoin fall to an early morning intraday low $59,522.0 before making a move.
Bitcoin fell through the first major support level at $60,085 before striking a late morning intraday high $62,491.2.
Coming up against the first major resistance level at $62,495, Bitcoin slid back to sub-$60,500 levels before finding support.
Late in the day, Bitcoin briefly moved back through to $61,000 levels before easing back.
The near-term bullish trend remained intact, supported the latest return to $66,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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.
It was a bullish day for the rest of the majors, however.
Early in the week, the crypto total market fell to a Monday low $2,545bn before rising to a Monday high $2,662bn. At the time of writing, the total market cap stood at $2,642bn.
Bitcoin’s dominance rose to a Monday high 44.38% before falling to a Monday low 43.65%. At the time of writing, Bitcoin’s dominance stood at 43.72%.
At the time of writing, Bitcoin was up by 0.47% to $61,233.0. A mixed start to the day saw Bitcoin fall to an early morning low $60,758.5 before rising to a high $61,285.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.23%), Chainlink (-0.03%), Crypto.com Coin (-0.51%), and Polkadot (-1.12%) struggled early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 0.57% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $60,987 pivot to bring the first major resistance level at $62,453 into play.
Support from the broader market would be needed for Bitcoin to break back through to $62,400 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $62,491.2 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $63,957.
A fall through the $60,987 pivot would bring the first major support level at $59,484 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level sits at $58,018.