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The Crypto Daily – Movers and Shakers – June 13th, 2021

By:
Bob Mason
Updated: Jun 13, 2021, 00:33 UTC

It's a bearish start to the day. A Bitcoin move back through to $37,000 levels would be needed to support the broader market...

Depositphotos_193678068_s-2019

In this article:

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.

BTCUSD 130621 Hourly Chart

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.

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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