Crypto market November 4, 2021: Bitcoin begins to fall as ETH trades at an all-time high
Cryptocurrency Market November 4th, 2021 by cryptonew: Bitcoin price failed to gain momentum above USD 64,000 and corrected downward. BTC fell below $ 63,000 and consolidated near $ 62,700 at 04:46 UTC.
Also, most of the major altcoins show mixed results. ETH traded to a new all-time high of over $ 4,650 before a downward correction set in. XRP is above the USD 1.20 support area. ADA is consolidating near the $ 2.05 level.
Cryptocurrency Market November 4, 2021: Bitcoin Price
After a failed attempt above the $ 64,000 mark, Bitcoin price began a bearish correction. BTC corrected lower than the $ 63,500 and $ 63,000 levels. On the flip side, initial support is near the $ 62,500 mark. Key support is currently near the $ 62,000 mark, below which the price could drop further.
Immediate resistance to the upside is near the $ 63,200 mark. The main resistance is at $ 63,500, above which the price could start another rally.
Cryptocurrency Market November 4, 2021: Ethereum Price
The Ethereum price rose to over $ 4,600. ETH traded before a bearish correction to a new all-time high. The price is trading below $ 4,600. On the flip side, initial support is near the $ 4,550 mark. The next major support is at $ 4,500, below which the price can test $ 4,420.
If the upside moves again, a rally to $ 4,650 is possible. The next major resistance is near the $ 4,720 level.
Cryptocurrency Market November 4, 2021: ADA, BNB, SOL, SHIB and XRP prices
Cardano (ADA) is consolidating above the $ 2.00 level. A first hurdle is near the $ 2.12 mark. A closing price above this level can push the price above $ 2.20. If there is a downside correction, the price may test $ 1.95.
Binance Coin (BNB) has expanded its profits over $ 560. However, the bulls are struggling to break the $ 565 mark. Any further gains could drive the price towards the $ 580 and $ 600 levels. On the downside, the $ 550 level is the near-term support.
Solana (SOL) is rising and has broken the USD 225 resistance. SOL is currently nearing the $ 250 resistance and is flipping USDT at the time of writing, becoming the fourth largest cryptocurrency by market cap ($ 72.7 billion). A close above $ 250 could open the door to a bigger rally in the upcoming sessions.
SHIB is down 10% and trades below $ 0.0000620, which leaves the top 10 largest crypto clubs. The price even traded below the support of $ 0.000060. The next big support is near $ 0.000058, below which it can test $ 0.000055.
The XRP price was able to climb above the resistance level of $ 1.20. It is currently consolidating gains and the next major resistance is near the $ 1.25 level. A break above $ 1.25 could move the price towards 1.32. Otherwise, the price may drop to $ 1.18.
Cryptocurrency Market November 4th, 2021: Another Altcoin Market
Many altcoins are up more than 8% including IOTX, TEL, HOT, AMP, EGLD, KDA, AVAX, LUNA, COMP, NEAR and OMG. Of these, IOTX gained more than 70% and broke the $ 0.14 mark.
Overall, Bitcoin price is trading above the USD 62,000 support. If BTC clears $ 63,500, it could start a new rally in the near future.
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