The Cryptocurrency Market Today- November 21
After the mixed sessions in the crypto market during Saturday trading sessions, a $60,000 return by Bitcoin would support the broad market.
Bitcoin
BTC/USD increased its value by 2.73% yesterday. With the 2.11% surge on Friday, the world’s largest crypto ended its day near $59,766. However, the range-bound trading early on had BTC declining to the lows of $57,450 before moving.
Overpowering the initial critical support at $56,396 had BTC rallying towards the high of $59,886. Bitcoin broker past the initial resistance zone at $59,122 to end Saturday around the $59,700-mark. For bears to dominate, Bitcoin would necessitate a sustained drop under the 62% Fibonacci at $28,814, confirming a short-term bearish narrative.
The Altcoin Market
The alternative coin market experienced mixed price actions on Saturday. Polkadot declined by 0.72%, bucking the day’s trend. Meanwhile, several large-cap alts saw bullish movements. Litecoin and Binance coin surged 4.07% and 4.01%, respectively, leading the recovery way. BCH (+2.19%), ADA (+3.21%), ETH (+2.72%) and Crypto.com Coin (+3.11%) also secured massive support. Meanwhile, XRP (+0.48%) and LINK (+0.37%) trailed the leaders.
The current week had the global cryptocurrency market value rising to a Monday peak of $2.902 trillion before plummeting to $2.390 trillion on Friday. While publishing these updates, the overall market capitalization hovered at $2.631 trillion. On the other part, BTC’s dominance climbed to 44.55% on Wednesday before dropping on Friday to 42.36%. While writing this content, Bitcoin has its market dominance at 42.81%.
Today Morning
For now, Bitcoin trades on a recovery path at $59,775, following a 0.02%. Mixed price actions had BTC rising towards $59,798 during early morning sessions before dropping towards $59,720. The leading crypto did not test its critical resistance and support levels early on.
The alt market continued mixed actions early on Sunday. DOT (+0.13%) and LINK (+0.03%) secures early support. In the other part, BCH led the plunged with its 0.26% loss.
BTC Day Ahead
Bitcoin should avoid the pivot at $59,034 to test the initial resistance at $60,618. However, bulls need to step up to challenge the Saturday peaks at $59,886. Meanwhile, a continuous rally will see the crypto testing the resistance area at $63,000 before retracing. BTC has its 2nd critical resistance at $61,470.
Failure to maintain the pivot near $59,034 will witness Bitcoin hitting the crucial support at $58,182. The second support area is at $56,598.
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