Cryptocurrency Market Nov 5, 2021: Bitcoin Continues To Correct Its Decline
Cryptocurrency Market November 5, 2021 by cryptonew: Bitcoin price began a slight downward correction below the USD 63,500 support area. BTC is trading below USD 62,500 and at 04:28 UTC BTC is in a consolidating rally. A break below $ 61,200 could trigger a larger bearish correction.
Also, most of the big altcoins correct profits. ETH has fallen below $ 4,600 but remains stable above $ 4,550. XRP is down more than 3% and is trading near $ 1.20. ADA is hovering around the $ 2.00 level.
Cryptocurrency Market November 5, 2021: Bitcoin Price
Bitcoin price recently began a downward correction below the USD 62,500 support. BTC fell below $ 62,000, but the decline was limited to below $ 61,200. On the flip side, initial support is near the $ 61,500 mark. The next major support is near the $ 61,200 level below which price could extend losses towards the $ 60,500 support.
If it rises again, immediate resistance will be near the $ 62,500 mark. The next major resistance is at $ 63,200, above which the price could begin a steady rise.
Cryptocurrency Market November 5, 2021: Ethereum Price
Ethereum price failed to break above $ 4,600 and began a downward correction. ETH trades below the $ 4,550 and $ 4,500 support levels. It tested $ 4,425 before returning to $ 4,550. Initial support is near the $ 4,500 mark. The next major support is near $ 4,450, below which the price can test $ 4,400.
On the flip side, there is an immediate hurdle near the $ 4,600 mark. The next major resistance is near the $ 4,650 level, above which the price could start a new rally.
Cryptocurrency Market November 5, 2021: ADA, BNB, SOL, SHIB and XRP prices
Cardano (ADA) is struggling to stay above $ 2.00. The first major support is near $ 1.95, below which a retest of $ 1.92 is possible.
Binance Coin (BNB) speeds over $ 550. BNB is up over 4% and has made a significant breakthrough above $ 565. The price even exceeds $ 580 and can steadily rise to $ 600. The next big resistance level is at $ 620.
Solana (SOL) extended their rally above the $ 232 resistance. SOL has tested $ 250 and is consolidating profits. If there is a downward correction, the price may test the $ 232 support. The next major support level is at $ 225.
SHIB is down 19% and trades below $ 0.000490. The next big support is near the $ 0.000048 level, below which a test of $ 0.000045 is possible. The price is now down 44% from its all-time high on October 28th. SHIB remains the worst performer of the top 100 cryptocurrencies by market capitalization in a single day and within a week.
XRP price struggled to hold above the $ 1.20 resistance level. It is currently consolidating near this level and it may decline further. The next big support is near the $ 1.18 level.
Cryptocurrency Market November 5, 2021: Another Altcoin Market
Many altcoins are up more than 5%, including KDA, OMG, AR, CRO, AUDIO, XEC, AMP, THETA, LUNA, FTM, and VET. Of these, KDA rose over 33% and broke the $ 11 mark.
Overall, Bitcoin price is consolidating near the USD 62,000 support. If BTC prolongs its losses, it could drop further to $ 60,500 or $ 60,000.
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