Cryptocurrency Market Nov 1, 2021 by cryptonew: Bitcoin price failed to gain momentum past the resistance levels of $ 62,500 and $ 62,650. As a result, BTC fell below the USD 61,200 support. At 04:33 UTC, BTC is trading above $ 61,300 and could continue to fall.
Plus, most of the big altcoins also fall. ETH couldn’t break above $ 4,400 and fell. XRP rose to resistance at $ 1.15 before falling again. ADA is currently trading below the $ 2.00 level.
Recently, Bitcoin price attempted to break above the USD 62,500 resistance area. However, BTC failed to gain strength and began a new decline. It broke the critical support area of $ 61,200. On the flip side, initial support is near the $ 60,250 mark. Key support is currently forming near the $ 60,000 mark, below which a steeper decline could begin.
If it rises again, immediate resistance will be near the $ 61,200 mark. The main weekly resistance is currently forming at $ 62,500, above which the price could gain momentum.
The Ethereum price could not exceed the $ 4,400 mark. It began another decline below the $ 4,350 level. There was a break below the USD 4,280 support. The next major support is at $ 4,200. A break below $ 4,200 can move the price towards $ 4,120.
Cardano (ADA) rose to over $ 2.00. However, the price failed to break above the $ 2.00 mark and began a new decline. The price is trading below $ 1.95 and a further drop to $ 1.88 is possible. The next big support is near the 1.85 level. Immediate resistance is close to $ 1.98, above which a short-term rally to $ 2.05 is possible.
Binance Coin (BNB) settled above the USD 500 resistance. It is currently facing resistance near the $ 550 mark. A closing price above $ 550 could push the price towards $ 580 and $ 600.
Solana (SOL) is up 6% and is trading above $ 200. The price consolidates gains and could climb to $ 220. Any further gains could push the price towards USD 240 in the short term.
SHIB is up more than 7% to break the $ 0.000070 mark. Initial resistance is near the $ 0.000075 level above which a rally to $ 0.000080 is possible.
XRP price broke the $ 1.12 resistance. However, it failed to break the $ 1.15 resistance and began another decline. If the bears remain active, a return to $ 1.02 is possible.
Many altcoins are up more than 5% including HOT, XDC, QTUM, ICX, AMP, RUNE, GRT, FTM, AR, OMG and XMR. Of these, HOT gained more than 24% and broke the $ 0.013 level.
Overall, Bitcoin price is showing some signs that it will drop below $ 62,000 in the near future. If BTC falls below $ 60,000, a bigger drop is possible.
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