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The Crypto Daily – Movers and Shakers – June 20th, 2021

·3-min read

Bitcoin, BTC to USD, fell by 0.77% on Saturday. Following a 5.85% slide on Friday, Bitcoin ended the day at $35,570.0.

A mixed start to the day saw Bitcoin fall from an early high $36,316.0 to an early morning intraday low $34,819.0.

Steering clear of the first major support level at $34,593, Bitcoin rose to a midday intraday high $36,447.0.

Falling well short of the first major resistance level at $37,640, Bitcoin slipped back to $35,500 levels and into the red.

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 Saturday.

Bitcoin Cash SV and Coin rose by 3.58% and by 2.79% respectively to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Polkadot fell by 4.80% to lead the way down, with Chainlink and Ripple’s XRP (-X%) ending the day down by 4.40% and by 4.46% respectively.

Cardano’s ADA (-2.27%), Ethereum (-3.14%), and Litecoin (-2.50%) also struggled.

Binance Coin saw a more modest 0.97% loss.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Friday low $1,435bn. At the time of writing, the total market cap stood at $1,454bn.

Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to a Saturday low 45.05%. At the time of writing, Bitcoin’s dominance stood at 45.61%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $35,484.2. A mixed start to the day saw Bitcoin rise to an early morning high $35,736.0 before falling to a low $35,330.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Coin was down by 3.07% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to back move through the $35,612 pivot to bring the first major resistance level at $36,405 into play.

Support from the broader market would be needed for Bitcoin to break back through to $36,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $36,447.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $38,000 before any pullback. The second major level sits at $37,240.

Failure to move back through the $35,612 pivot would bring the first major support level at $34,777 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$34,000 levels. The second major support level sits at $33,984.

This article was originally posted on FX Empire


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