The Crypto Daily – Movers and Shakers – November 8th, 2021
Bitcoin, BTC to USD, rose by 2.88% on Sunday. Following a 0.82% gain on Saturday, Bitcoin ended the week up by 3.15% to $63,263.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $61,400.0 before making a move.
Steering clear of the first major support level at $60,536, Bitcoin rallied to a late intraday high $63,279.0.
Bitcoin broke through the first major resistance level at $62,019 and the second major resistance level at $62,542 to end the day at $63,000 levels.
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 Sunday.
Polkadot bucked the trend, falling by 2.51%.
It was a bullish day for the rest of the majors, however.
It was a bullish week for the majors, in the week ending 7th November, however.
Crypto.com Coin surged by 66.46% to lead the pack, with Binance Coin (+23.75%) and Polkadot (+18.26%) also making solid gains.
Chainlink (+7.77%), Ethereum (+7.62%), and Ripple’s XRP (+9.53%) found strong support.
Bitcoin Cash SV (+2.81%), Cardano’s ADA (+2.80%), and Litecoin (+5.32%) trailed the front runners, however.
In the week, the crypto total market fell to a Monday low $2,527bn before rising to a Sunday high $2,810bn. At the time of writing, the total market cap stood at $2,787bn.
Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Sunday low 42.36%. At the time of writing, Bitcoin’s dominance stood at 43.43%.
At the time of writing, Bitcoin was up by 1.41% to $64,158.0. A bullish start to the day saw Bitcoin rally from an early morning low $63,277.0 to a high $64,299.0.
Bitcoin broke through the first major resistance level at $63,895 early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-1.29%), Cardano’s ADA (-0.43%), and Polkadot (-2.11%) saw red to buck the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 4.40% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $63,895 to bring $65,000 levels into play.
Support from the broader market would be needed for Bitcoin to break out from the second major resistance level at $64,526.
Barring a broad-based crypto rally, the second major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $68,000 levels before any pullback. The third major resistance level sits at $66,405. Bitcoin would need plenty of support, however, to breakout from October’s ATH $66,958.
A fall back through the first major resistance level and through the $62,647 pivot would bring the first major support level at $62,016 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$61,000 levels, however. The second major support level sits at $60,768.