Crypto Daily Movers and Shakers November 24, 2021

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Bitcoin, from BTC to USD, rose 2.30% on Tuesday. Partially reversing a 4.12% drop from Monday, Bitcoin ended the day at $ 57,577.0.

A choppy morning saw Bitcoin fall to an intraday low of $ 55,453.0 late in the morning before taking a step.

Away from the first major support level at $ 54,845, Bitcoin hit an intraday high of $ 57,869.0.

However, below the first major resistance level at $ 58,587, Bitcoin slipped to end the day at $ 57,500.

The short-term uptrend has remained intact, despite the latest pullback to levels below $ 56,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 28,814 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, the day was mixed on Tuesday.

Cardanos ADA fell 1.54% to reverse the trend for the day.

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

Crypto.com Coin rose 6.87% to lead the way, with Binance Coin (+ 5.62%) and Ethereum (+ 6.17%) finding strong support.

However, Bitcoin Cash SV (+ 0.45%), Chainlink (+ 0.61%), Litecoin (+ 3.44%), Polkadot (+ 0.95%) and Ripples XRP (+ 2.84%) trailed on your mind.

At the start of the week, the total crypto market peaked at $ 2.639 billion on Monday before falling to a low on Tuesday of $ 2.431 billion. At the time of writing, the total market cap was $ 2.561 billion.

Bitcoin dominance peaked at 43.18% on Monday before falling to a low of 41.95% on Tuesday. At the time of writing this article, Bitcoin dominance stands at 42.42%.

This morning

At the time of writing, Bitcoin was down 0.05% to $ 57,550.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 57,689.0 before falling to $ 57,550.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardanos ADA (-0.42%) resisted the morning trend.

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

At the time of writing, Crypto.com Coin was up 9.47% to lead the way.

For Bitcoin Day Ahead

The story continues

Bitcoin should avoid the $ 56,966 pivot to bring into play the first major resistance level at $ 58,480.

Broad market support would be needed for Bitcoin to return to the $ 58,000 levels.

Barring a large scale crypto rally, the first major resistance level would likely cap the upside.

In the event of a prolonged rally, Bitcoin could test resistance at levels of $ 60,000 before slowing down. The second major resistance level is located at $ 59,382.

A fall through the pivot of $ 56,966 would bring into play the first major support level at $ 56,064.

Unless another extended sell off that day, Bitcoin is expected to avoid the 23.6% FIB of $ 53,628. The second major support level at $ 54,550 should limit the decline.

This article originally appeared on FX Empire

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