Golden bitcoins on the black background closeup. Cryptocurrency virtual money

The Crypto Daily – Movers and Shakers – November 1st, 2021

Bitcoin, BTC to USD, fell by 0.89% on Sunday. Following a 0.62% loss on Saturday, Bitcoin ended the week up by 0.79% to $61,330.0.

A bullish start saw Bitcoin rise to an early morning intraday high $62,415.0 before hitting reverse.

Falling short of the first major resistance level at $62,570, Bitcoin slid to an early afternoon intraday low $60,005.0.

Bitcoin fell through the first major support level at $60,972 and the second major support level at $60,065.

Steering clear of sub-$60,000, however, Bitcoin broke back through the major support levels to end the day at $61,000 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.

Binance Coin  (-0.67%), Crypto.com Coin (-3.73%), and Ethereum (-0.82%) joined Bitcoin in the red to buck the broader market trend.

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

Ripple’s XRP rose by 2.75% to lead the way.

Bitcoin Cash SV (+0.82%), Cardano’s ADA (+0.50%), Chainlink (+0.76%), Litecoin (+0.88%), and Polkadot (+0.98%) saw modest gains, however.

In the week, the crypto total market fell to a Thursday low $2,385bn before rising to a Sunday high $2,708bn. At the time of writing, the total market cap stood at $2,635bn.

Bitcoin’s dominance rose to a Wednesday high 45.81% before falling to a Sunday low 43.50%. At the time of writing, Bitcoin’s dominance stood at 44.10%.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $61,613.9. A mixed start to the day saw Bitcoin fall to an early morning low $61,131.0 before rising to a high $61,624.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Bitcoin Cash SV was up by 1.99% to lead the way.

BTCUSD 011121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $61,250 pivot to bring the first major resistance level at $62,495 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $62,415.0.

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 $65,000 levels before any pullback. The second major resistance level sits at $63,660.

A fall back through the $61,250 pivot would bring the first major support level at $60,085 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 $58,840.