The Crypto Daily – Movers and Shakers – November 25, 2021

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Bitcoin, BTC against USD, fell 0.72% on Wednesday. Partially reversing a 2.30% gain from Tuesday, Bitcoin ended the day at $ 57,166.

A mixed morning saw Bitcoin hit an intraday high of $ 57,762 early in the morning before reversing.

Below the first major resistance level at $ 58,480, Bitcoin fell to an intraday low of $ 55,895 in the early afternoon.

Bitcoin broke through the first major support level at $ 56,064 before a partial rally to end the day at $ 57,000.

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 Wednesday.

Crypto.com Coin jumped 16.8%, with Bitcoin Cash SV (+ 3.35%) also reversing the trend for the day.

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

The ADA of Cardano (-4.82%), Chainlink (-4.92%) and Polkadot (-5.42%) led the way.

Binance Coin (-0.09%) and Ethereum (-1.63%), Litecoin (-1.88%), and Ripple’s XRP (-3.19%) also joined Bitcoin in the red.

At the start of the week, the total crypto market peaked at $ 2.639 billion on Monday before falling to a low of $ 2.426 billion on Tuesday. At the time of writing, the total market cap was $ 2.528 billion.

Bitcoin’s dominance peaked at 43.18% on Monday before falling to a low of 41.85% on Wednesday. At the time of writing this article, Bitcoin’s dominance stands at 42.79%.

This morning

As of this writing, Bitcoin was up 0.20% to $ 57,283. A mixed start to the day saw Bitcoin peaking at $ 57,469 early in the morning before dropping to $ 57,139.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing this article, Crypto.com Coin was down 5.94% to lead the way.

For Bitcoin Day Ahead

Bitcoin should avoid the pivot of $ 56,941 to bring into play the first major resistance level at $ 57,987.

The story continues

Broad market support would be needed for Bitcoin to break out of the $ 57,500 levels.

Barring a large scale crypto rally, the first major resistance level and resistance at $ 58,000 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 $ 58,808.

A fall through the pivot of $ 56,941 would bring into play the first major support level at $ 56,120.

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 $ 55,074 should limit the decline.

This article originally appeared on FX Empire

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