The Crypto Daily – Movers and Shakers – June 13th, 2021
Bitcoin, BTC to USD, slid by 4.75% on Saturday. Reversing a 1.79% gain from Friday, Bitcoin ended the day at $35,564.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $37,461.3 before hitting reverse.
Falling well short of the first major resistance level at $38,016, Bitcoin slid to a late morning intraday low $34,630.0.
The extended sell-off saw Bitcoin fall through the first major support level at $36,295 and the second major support level at $35,251.
Steering clear of sub-$35,000 levels, however, Bitcoin broke back through the second major resistance level to revisit $36,000 levels before easing back.
Going into the 2nd half of the day, the first major support level had pinned Bitcoin back.
The near-term bullish trend remained in spite of the latest fall back to sub-$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.
Polkadot rose by 4.07% to lead the way, with Cardano’s ADA (+2.89%), Chainlink (+0.68%), and Ethereum (+0.70%) also finding support.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV slid by 7.67% to lead the way down, with Crypto.com Coin falling by 4.93%.
Binance Coin (-0.57%), Litecoin (-0.63%), and Ripple’s XRP (-1.81%) saw relatively modest losses.
In the current week, the crypto total market rose to a Monday high $1,670bn before falling to a Tuesday low $1,374bn. At the time of writing, the total market cap stood at $1,493bn.
Bitcoin’s dominance fell to a Monday low 41.28% before rising to a Friday high 45.66%. At the time of writing, Bitcoin’s dominance stood at 44.51%.
This Morning
At the time of writing, Bitcoin was down by 0.18% to $35,501.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,652.5 before falling to a low $35,391.0.
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, rising by 0.27%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was down by 0.57% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $35,885 pivot to bring the first major resistance level at $37,140 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 Saturday’s high $37,461.3 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 resistance level sits at $38,716.
Failure to move through the $35,885 pivot would bring the first major support level at $34,309 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 $33,054 should limit the downside.
This article was originally posted on FX Empire
