Categories: Market

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

 

 

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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