The Crypto Daily – Movers and Shakers – June 19th, 2021
It’s a mixed start to the day for the majors. A Bitcoin move back through to $37,000 levels would support the broader market after Friday’s sell-off.
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Bitcoin, BTC to USD, slid by 5.85% on Friday. Following a 0.71% loss on Thursday, Bitcoin ended the day at $35,845.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $38,184.1 before hitting reverse.
Falling short of the first major resistance level at $39,266, Bitcoin slid to a late afternoon intraday low $35,137.0.
Bitcoin fell through the first major support level at $37,134 and the second major support level at $36,194.
Steering clear of sub-$35,000 support levels, however, Bitcoin revisited $35,900 levels before easing back.
Resistance at $36,000 pinned Bitcoin back late in the day.
The near-term bullish trend remained intact in spite of the latest slide back to $35,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
Polkadot rose by 1.17% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Chainlink slid by 9.26% to lead the way down.
Bitcoin Cash SV (-6.12%), Crypto.com Coin (-6.75%), Ethereum (-5.85%), Litecoin (-6.44%), and Ripple’s XRP (-5.33%) weren’t far behind.
Binance Coin (-4.42%) and Cardano’s ADA (-4.40%) also struggled.
In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Friday low $1,433bn. At the time of writing, the total market cap stood at $1,483bn.
Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to an early Saturday low 45.18%. At the time of writing, Bitcoin’s dominance stood at 45.23%.
At the time of writing, Bitcoin was down by 0.13% to $35,800.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,677.1 before rising to a high $35,950.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the trend early on, falling by 1.95% to join Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 1.03% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $36,389 pivot to bring the first major resistance level at $37,640 into play.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $38,184.1 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major level sits at $39,436.
Failure to move through the $36,389 pivot would bring the first major support level at $34,593 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$33,000 levels. The second major support level at $33,342 should limit the downside.Source