On November 6th, cryptocurrencies traded in a mixed bag. The total market capitalization of cryptocurrencies is $2.71 trillion. For quite some time, Bitcoin has been consolidating. However, it is still very much on a bull run, which is due to the present price action. The price of bitcoin has been settling, but the daily and weekly closing have been above $60k, which is good.
Bitcoin recently surpassed $67,500 as a new all-time high. The dominant cryptocurrency has been trading above the $60k mark since then. In recent weeks, however, a number of cryptocurrencies, including Ether, Shiba Inu, Solana, and Polkadot, have all reached new all-time highs.
Bitcoin achieved a new all-time high of $66,974 on Oct. 20. The price increase last month coincided with the debut of the much-anticipated first Bitcoin ETF on the New York Stock Exchange.
The Flagship currency is seeing significant resistance between $62k and $65k, where the price is repeatedly refused. The price is approaching this level but failing to breakthrough, which is why the BTC surge has come to a halt.
Following the release of inflation data from the United States, BTC began to lose value and even reached $60,000 in the following days. Despite instantly rebounding and rising to $63,000, the overall situation has worsened in the last 24 hours. Bitcoin is preparing to gain traction and burst through the $64,000 resistance level. BTC might surge to all-time highs of around $66,999 if it opens the floodgates to additional skyrocketing.
Bitcoin Price Analysis
Bitcoin is now trading at $60,589 at the time of writing. To reach the first significant resistance level at $62,755, Bitcoin would have to break through the pivot at $61,727. However, for Bitcoin to break off of the morning high of $62,600, it will need support from the broader market
Failure to break through the pivot at $61,717 would reintroduce the first major support level at $60,388.However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below $59,000.