Yahoo Finance The Crypto Daily – Movers and Shakers – June 16th, 2021
Bitcoin, BTC to USD, fell by 0.92% on Tuesday. Partially reversing a 3.87% gain from Monday, Bitcoin ended the day at $40,137.0.
A mixed start to the day saw Bitcoin fall to a late morning intraday low $39,445.9 before making a move.
Steering clear of the first major support level at $39,167, Bitcoin rallied to a late intraday high $41,273.0.
Falling short of the first major resistance level at $41,415, however, Bitcoin fell back to sub-$40,500 and into the red.
The near-term bullish trend remained intact supported by the latest move back through to $41,000 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 bearish day on Tuesday.
Bitcoin Cash SV slumped by 14.22% to lead the way down, with Polkadot sliding by 6.56%.
Crypto.com Coin (-3.07%), Litecoin (-2.68%), and Ripple’s XRP (-2.70%) also struggled.
Binance Coin (-0.96%), Cardano’s ADA (-1.27%), Chainlink (-1.79%), and Ethereum (-1.51%) saw relatively modest losses on the day.
Early in the week, the crypto total market fell to a Monday low $1,591bn before rising to a Tuesday high $1,708bn. At the time of writing, the total market cap stood at $1,638bn.
Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Tuesday high 46.12%. At the time of writing, Bitcoin’s dominance stood at 45.89%.
This Morning
At the time of writing, Bitcoin was down by 0.11% to $40,094.0. A bearish start to the day saw Bitcoin fall from an early morning high $40,143.0 to a low $39,940.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (+0.09%) and Polkadot (+0.01%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 0.80% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $40,285 pivot to bring the first major resistance level at $41,125 and the 38.2% FIB of $41,592 into play.
Support from the broader market would be needed for Bitcoin to break back through to $41,000 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at the 38.2% FIB would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 before any pullback. The second major resistance level sits at $42,112.
Failure to move through the $40,285 pivot would bring the first major support level at $39,298 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$39,000 levels. The second major support level sits at $38,458
This article was originally posted on FX Empire
