The Crypto Daily – Movers and Shakers – June 11th, 2021

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Published: Jun 11, 2021, 01:21 UTC

It's a bearish start to the day for the majors. A Bitcoin move back through to $38,000 levels would deliver support to the broader market.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Thursday.

Chainlink slid by 9.57% to lead the way down.

Binance Coin (-6.28%), Cardano’s ADA (-5.90%), Ethereum (-5.35%), and Ripple’s XRP (-5.80%) also struggled.

Bitcoin Cash SV (-2.95%), Crypto.com Coin (-1.98%), Litecoin (-2.69%), and Polkadot (-0.39%) saw relatively modest losses on the day.

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 $1,527bn.

Bitcoin’s dominance fell to a Monday low 41.28% before rising to an early Friday high 44.45%. At the time of writing, Bitcoin’s dominance stood at 44.45%.

This Morning

At the time of writing, Bitcoin was down by 0.28% to $36,560.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,249.0 before falling to a low $36,311.0.

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, Crypto.com Coin was down by 1.85% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $36,939 pivot to bring the first major resistance level at $38,061 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $38,337.0 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 $39,460.

Failure to move back through the $36,936 pivot would bring the first major support level at $35,540 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $34,418.

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.