The Crypto Daily – Movers and Shakers – June 11th, 2021It’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.
Bitcoin, BTC to USD, fell by 1.89% on Thursday. Partially reversing an 11.83% rally from Wednesday, Bitcoin ended the day at $36,663.0.
A mixed start to the day saw Bitcoin recover from a mid-morning low $36,250.0 to strike a late morning intraday high $38,337.0.
Falling short of the first major resistance level at $39,088, Bitcoin fell to a late intraday low $35,816.
Steering clear of the first major support level at $34,058, Bitcoin found support to end the day at $36,600 levels.
The near-term bullish trend remained intact supported by the latest move back through to $37,000 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 Thursday.
Chainlink slid by 9.57% to lead the way down.
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%.
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.