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The Crypto Daily – Movers and Shakers – November 8th, 2021
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It's been a mixed start to the week for the majors, with Bitcoin making an early move. A Bitcoin move back through to $65,000 levels, however, would support a broad-based crypto rally.
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.
Crypto.com Coin and Ripple’s XRP rallied by 5.93% and by 5.84% respectively to lead the way.
Binance Coin (+1.80%), Ethereum (+2.06%), and Litecoin (+2.24%) also found strong support.
Bitcoin Cash SV (+0.61%), Cardano’s ADA (+0.79%), and Chainlink (+0.87%) trailed the front runners, 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%.
This Morning
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.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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