Categories: Market

Cryptocurrency market November 16, 2021: Bitcoin and altcoins fall in price

Cryptocurrency market November 16, 2021: Bitcoin price cannot exceed $ 65,500. As a result, BTC responded by falling in price and trading below $ 63,500. At 06:00 UTC, BTC is down more than 7% and threatens to drop below $ 61,000.

Plus, most of the big altcoins are gaining bearish momentum. ETH fell below $ 4,500 and $ 4,450. XRP is down nearly 7% and trades below $ 1.15. ADA settled below the critical $ 2.00 support area.

Cryptocurrency Market November 16, 2021: Bitcoin Price

Bitcoin price started falling again after another failed attempt near $ 66,000. BTC traded well below the USD 64,000 and USD 63,500 support levels. It even broke the $ 62,000 support area. On the flip side, initial support is near the $ 60,500 mark. The next major support is near the $ 60,000 mark.

On the downside, the price is encountering resistance near $ 62,000. The first major resistance is now forming near the $ 62,500 mark, above which the price could begin a steady rise. That said, it is currently trading at $ 61,200.

Cryptocurrency Market November 16, 2021: Ethereum Price

Ethereum price is showing positive signs above $ 4,650. ETH is consolidating near $ 4,700. Initial resistance is near the $ 4,750 level. The main hurdle is $ 4,800. A closing price above $ 4,800 is required for new short term gains.

On the flip side, initial support is close to $ 4,650. The top weekly support is at $ 4,550, below which the price can test $ 4,400. It is currently trading at $ 4,353.

Cryptocurrency market November 16, 2021: ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) has fallen below the $ 2.05 and $ 2.00 support levels. The price even tested the $ 1.92 level. If the bears stay active, the price could even test $ 1.88. Conversely, the USD 2.00 level could act as a barrier.

Binance Coin (BNB) fell below the USD 625 and USD 620 support levels. The price tested $ 600 and is currently consolidating losses. On an upward correction, the bears could stand near the $ 625 mark.

Solana (SOL) failed to break the $ 250 mark and fell below the $ 230 mark. There has been a test of $ 225 and the price is currently consolidating losses. If the loss continues, the price could slide towards USD 210.

SHIB is down 4% and is currently trading near $ 0.0000500. If it drops below $ 0.0000500, the price could gain momentum. The next big support is near the $ 0.000048 level, below which a test of $ 0.000045 is possible.

The XRP price fell 6.9% and fell below $ 1.20. There has been a significant break below $ 1.15 and there appears to be a risk of a move towards $ 1.10. The next big support is at $ 1.05.

Cryptocurrency Market November 16, 2021: Another Altcoin Market

Many altcoins are down more than 10%, including KDA, CHZ, CRO, NEAR, RUNE, AR, SAND, LINK, LTC, GRT, FTM, and OMG.

Overall, Bitcoin price is showing signs of falling below $ 65,000 and $ 64,000. If BTC drops below $ 60,000, there could be a drop in the coming sessions.

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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.