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The U.S Crypto Morning Session – June 21st, 2021

By:
Bob Mason
Published: Jun 21, 2021, 11:33 UTC

It's been a particularly bearish morning for Bitcoin and the broader market. A Bitcoin move back through to $35,000 levels would be needed to support the pack.

Flying altcoins with Bitcoin in the center as the leader. Bitcoi

In this article:

It’s been a particularly bearish start to the day for Bitcoin and the broader crypto market.

Following an 8.64% fall last week, Bitcoin was in the deep red this morning alongside the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 9.45% to $32,264.6. A mixed start to the day saw Bitcoin rise to an early morning high $35,832.0 before hitting reverse.

Falling well short of the first major resistance level at $36,768, Bitcoin slid to a late morning intraday low $32,158.0.

Bitcoin fell through the first major support level at $33,953 and the second major support level at $32,274.

Steering clear of sub-$32,000 levels, however, Bitcoin briefly moved back through the second major support level to revisit $32,600 levels before falling back.

BTCUSD 210621 Hourly Chart

The Rest of the Pack

It’s been a bearish morning for the broader crypto market.

Bitcoin Cash SV (-16.52%) and Chainlink (-16.75%) led the way down.

Binance Coin (-11.59%), Cardano’s ADA (-10.97%), Ethereum (-14.27%), Litecoin (-15.54%), and Ripple’s XRP (-14.70%) also saw particularly heavy losses early on.

Crypto.com Coin and Polkadot saw relatively modest losses of 9.88% and 9.15% respectively.

Through the early hours, the crypto total market rose to an early morning high $1,482bn before falling to a low $1,302bn. At the time of writing, the total market cap stood at $1,310bn.

Bitcoin’s dominance fell to an early low 45.20% before rising to a high 46.12%. At the time of writing, Bitcoin’s dominance stood at 46.06%.

For the Day Ahead

Bitcoin would need to move back through the major support levels and the $35,090 pivot to support a run at the run at the first major resistance level at $36,768.

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

Barring an extended crypto rally, the first major resistance level and Sunday’s high $36,226.4 likely cap any upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $37,905.

Failure to move back through the major support levels and the $35,090 pivot would bring the sub-$32,000 levels into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the third major support level at $29,459.

Looking beyond the support and resistance levels, the 50 EMA pulled further back from the 100 and the 200 through the morning, supporting the extended sell-off.

We have also seen the 100 EMA pull back from the 200 EMA adding further downward pressure.

A further pullback of the 50 EMA from the 100 EMA would bring sub-$31,000 levels into play before any recovery.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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