Bitcoin surpasses $65k mark, up 1.5%

15 Nov 2021

The Bitcoin price was hovering over the €65,000 mark on Monday, as the world’s largest cryptocurrency by market capitalisation rose over 1.5% to $65,855.

Year-to-date Bitcoin is up 127% in 2021, having recently reached all-time highs of around $69,000.

However, in contrast, Bitcoin dropped below the $30,000 mark in June due to criticism of its energy consumption and China’s crypto crackdown. The digital token then rallied as the sector became accustomed to China’s diatribes.

"After surging past the $69k mark and making a new ATH, Bitcoin is sitting strong around the $65000 levels. BTC has broken out of the Flag pattern and poised for a fresh bull run. Bitcoin could essentially break the 6-figure mark in Q4. Immediate support is expected around $58,000," said Siddharth Menon, COO at cryptocurrency exchange WazirX.

In addition, Ether – the second largest cryptocurrency – gained over 1% to reach $4,706. Ether has been trading around a record high, trailing Bitcoin’s rally and fuelled by news of wider blockchain adoption.

"Ethereum against Bitcoin appears strong with the recent surge past its previous resistance of $0.071. The daily trend indicates a descending channel breakout. Immediate support is expected around 0.070 and resistance around 0.079 levels. Interestingly, the Ethereum address activity has grown by almost 50% in the month of October’21 owing to major rise in demand," said Menon.

In addition, the price of Dogecoin experienced a slight increase to stand at $0.26 whereas Shiba Inu edged up to $0.000052. There were also marginal gains over the past 24 hours for other cryptocurrencies including Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano and Solana.