Cryptocurrency Market 11-11-2021 by cryptonew: Bitcoin price failed to hold above the USD 66,500 support level. BTC extended its decline below the $ 65,500 support and at 04:20 UTC BTC was trading below $ 65,000, at risk of moving towards $ 63,200.
Plus, most of the big altcoins also fall. ETH began a downward correction below $ 4,650 and even rose below $ 4,500 before recovering. XRP is currently trading near the USD 1.20 support. ADA declines 5% towards $ 2.00.
After Bitcoin price didn’t rise above $ 67,000, a downward correction began below $ 66,000. BTC corrected below the $ 66,500 and $ 65,000 support levels. On the flip side, initial support is near the $ 64,000 mark. The next major support is near the $ 63,200 mark, below which the price can test $ 62,500.
On the downside, the price is encountering resistance near $ 65,000. The next major resistance is now forming near the $ 66,000 level above which the price could begin a steady rise.
Ethereum price also lagged behind Bitcoin, trading below the support of $ 4,650. ETH even got below $ 4,500 before recovering a few points. If there is another drop, the bulls could surface near $ 4,550. The next major support is near $ 4,500, below which the price can test $ 4,400.
On the flip side, immediate resistance is near the $ 4,700 mark. A closing price above $ 4,700 is required for stronger short-term gains.
Cardano (ADA) was unable to sustain above the USD 2.20 and USD 2.12 support levels. It’s down 5% and is nearing the USD 2.00 support. Any further losses could open the door to $ 1.85.
Binance Coin (BNB) is declining towards the $ 610 support. The main support is near the $ 600 mark. A closing price below $ 600 could pave the way for further losses towards $ 550.
Solana (SOL) also moved down from the $ 250 resistance. SOL is falling and nearing the $ 230 support. The next big support is near the $ 225 mark, below which it is likely to fall to $ 210.
SHIB is down 5% and is approaching $ 0.0000500. A close below the $ 0.0000500 support could trigger a larger decline. Conversely, a rally to $ 0.000055 is possible.
XRP price fell below the key support at $ 1.20 before returning. The next big support is near the $ 1.12 level. If the bulls fail to defend $ 1.12, a short-term decline towards $ 1.05 is possible. On the other hand, $ 1.25 is an immediate hurdle.
Many altcoins are down more than 8%, including SCRT, SAND, AUDIO, BTG, ATOM, GRT, ETC, ZIL, ICP, RVN, AAVE, THETA and DOT. Of that, SAND and MANA fell by 10%. Meanwhile, IOTX is up 60% while LRC is up 23%.
Overall, the Bitcoin price is correcting below the USD 65,000 level. If BTC extends losses below $ 63,500, it can drop to $ 62,000.
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