The Crypto Daily – Movers and Shakers – November 7th, 2021

Bitcoin, BTC to USD, rose by 0.82% on Saturday. Reversing a 0.66% loss from Friday, Bitcoin ended the day at $61,495.0.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $61,583.0 before hitting reverse.

Falling short of the first major resistance level at $62,158, Bitcoin slid to a mid-day intraday low $60,100.0.

Bitcoin fell through the first mayor support level at $60,293 before briefly revisiting $61,500 levels late in the day.

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 Saturday.

Crypto.com Coin tumbled by 12.02% to lead the way down. Bitcoin Cash SV and Chainlink also struggled, falling by 2.93% and 2.45% respectively.

Litecoin (-0.65%), Polkadot (-0.37%), and Ripple’s XRP (-0.56%) saw relatively modest losses on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin  rallied by 5.00% lead the way.

Cardano’s ADA (+1.14%) and Ethereum (+0.98%) also joined Bitcoin in the green.

In the current week, the crypto total market fell to a Monday low $2,527bn before rising to a Wednesday high $2,804bn. At the time of writing, the total market cap stood at $2,709bn.

Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Saturday low 42.39%. At the time of writing, Bitcoin’s dominance stood at 42.83%.

This Morning

At the time of writing, Bitcoin was down by 0.05% to $61,462.0. A mixed start to the day saw Bitcoin rise to an early morning high $61,500.0 before falling to a low $61,462.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.Com Coin was up by 5.35% to buck the trend.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 0.73% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $61,059 pivot to bring the first major resistance level at $62,019 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $61,583.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $63,000 levels before any pullback. The second major resistance level sits at $62,542.

A fall through the $61,050 pivot would bring the first major support level at $60,536 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level at $59,576 should limit the downside.