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.

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.

This article was originally posted on FX Empire

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