11 Nov 2021 · 2 min read

Bitcoin and Ethereum Struggle to Recover Higher, Small Altcoins Rally

  • Bitcoin price is back above USD 65,000.
  • Ethereum is struggling below USD 4,750, XRP is back above USD 1.20.
  • IOTX and MINA rallied over 21%.

Bitcoin price started a downside correction below USD 66,000. BTC even declined below USD 65,000 to move into a short-term bearish zone. It is currently (11:47 UTC) back above USD 65,400 but is still showing bearish signs.

Besides, most major altcoins are also trying to recover losses. ETH declined below USD 4,750 and it could extend losses towards USD 4,600. XRP managed to recover above the USD 1.20 resistance. ADA aims for a retest of the USD 2.20 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close below USD 66,000, bitcoin price extended decline. BTC traded below the USD 65,500 support level and is now trying to stay above the USD 65,000 level. A close below USD 65,000 might spark a stronger decline. The next key support is near the USD 63,500 level, below which the price might revisit USD 62,000.

On the upside, the USD 66,000 level is a short-term hurdle. The next key resistance is forming near the USD 66,500 level, above which the price could rise towards the USD 68,000 level.

Ethereum price

Ethereum price is consolidating near the USD 4,700 level. On the downside, the USD 4,650 level is a key support. A downside break below USD 4,650 could send the price towards the USD 4,500 level in the coming sessions.

Conversely, ETH might start a fresh increase above the USD 4,750 level. The next major resistance is near the USD 4,800 level, above which there are chances of a steady increase.

ADA, BNB, SHIB, SOL, and XRP price

Cardano (ADA) found support near the USD 1.940 level. It is now recovering losses and trading above USD 2.10. The price might even clear the USD 2.15 resistance and continue higher towards the USD 2.20 level in the near term.

Binance coin (BNB) is stable above the USD 600 level. BNB climbed above the USD 620 level, but it might face resistance near USD 635. A close above USD 635 might increase the chances of a test of the USD 650 level.

SHIB is consolidating near the USD 0.0000500 zone. An immediate resistance is near the USD 0.0000525 level. The next major resistance is near USD 0.0000535, above which the price may perhaps rise towards USD 0.0000555 level. Conversely, there might be a downside break towards the USD 0.0000465 level.

Solana (SOL) is moving higher towards the USD 245 and USD 250 resistance levels. A close above the USD 250 level may perhaps push the price towards the USD 265 level. If not, it could decline towards the USD 220 level.

XRP price recovered losses and it is back above the USD 1.20 level. An initial barrier is near the USD 1.25 level. A clear move above the USD 1.25 level might send the price towards the USD 1.28 resistance.

Other altcoins market today

A few altcoins are up over 5%, including MINA, IOTX, KDA, ZEC, HNT, MANA, XDC, and OMG. Out of these, MINA rallied over 43% and it broke the USD 6.0 level.

To sum up, bitcoin price is still above USD 65,000. If BTC fails to recover above USD 67,500, it might slide towards the USD 62,000 support level in the coming sessions.