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.
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.
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.
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.
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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