The Crypto Daily – Movers and Shakers – November 22nd, 2021
Bitcoin, BTC to USD, fell by 1.81% on Sunday. Partially reversing a 2.73% gain from Saturday, Bitcoin ended the week down by 10.36% to $58,691.0.
A bearish start to the day saw Bitcoin fall to a late morning intraday low $58,603.0 before making a move.
Steering clear of the first major support level at $58,182, Bitcoin rallied to a late afternoon intraday high $60,050.0.
Falling short of the first major resistance level at $60,618, however, Bitcoin fell back to end the day at sub-$59,000 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 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.
Crypto.com Coin jumped by 26.39% to lead the way.
Bitcoin Cash SV (+0.12%), Chainlink (+2.48%), and Polkadot (+1.46%) also bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA fell by 4.55% to lead the way down.
Binance Coin (-3.37%), Ethereum (-3.47%), Litecoin (-2.44%), and Ripple’s XRP (-3.41%) also joined Bitcoin in the red.
It was also a mixed week ending 21st November for the majors.
Crypto.com Coin surged by 65.35%, with Polkadot (+1.02%) also finding support to buck the broader market trend.
Litecoin tumbled by 20.72% to lead the way down, however, with Chainlink (-13.85%) also deep in the red.
Binance Coin (-10.16%), Bitcoin Cash SV (-10.46%), Cardano’s ADA (-9.95%), and Ripple’s XRP (-10.67%) also saw heavy losses.
Ethereum fell by a more modest 7.86% in the week, however.
In the week, the crypto total market rose to a Monday high $2,904bn before falling to a Friday low $2,393bn. At the time of writing, the total market cap stood at $2,567bn.
Bitcoin’s dominance rose to a Thursday high 44.28% before falling to a Friday low 42.34%. At the time of writing, Bitcoin’s dominance stood at 42.92%.
This Morning
At the time of writing, Bitcoin was down by 0.61% to $58,334.0. A mixed start to the day saw Bitcoin rise to an early morning high $58,829.0 before falling to a low $58,083.0.
Bitcoin tested the first major support level at $58,179 early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 6.63%, with Bitcoin Cash SV (+1.11%) and Polkadot (+0.29% also finding support.
It was a bearish start for the rest, however.
At the time of writing, Chainlink was down by 1.99% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $59,115 pivot to bring the first major resistance level at $59,626 into play.
Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $60,050.0 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $63,000 levels before easing back. The second major resistance level sits at $60,562.
Failure to move through the $59,115 pivot would bring the first major support level at $58,179 back into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels. The second major support level at $57,668 should limit the downside.
This article was originally posted on FX Empire
