The Crypto Daily – Movers and Shakers – June 18th, 2021

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Updated: Jun 18, 2021, 00:56 UTC

It's been a bearish start to the day for Bitcoin, with the broader market struggling for direction. A Bitcoin move back through to $39,000 levels would provide support.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

The Rest of the Pack

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

Polkadot fell by 1.45% to lead the way down.

Cardano’s ADA (-0.22%) and Crypto.com Coin (-0.60%) also joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Chainlink and Binance Coin led the way, with gains of 1.53% and 1.59% respectively.

Bitcoin Cash SV (+0.83%), Ethereum (+0.21%), Litecoin (+0.36%), Ripple’s XRP (+0.89%) saw modest gains on the day.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Thursday low $1,522bn. At the time of writing, the total market cap stood at $1,568bn.

Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Wednesday high 46.26%. At the time of writing, Bitcoin’s dominance stood at 45.62%.

This Morning

At the time of writing, Bitcoin was up by 0.16% to $38,135.0. A mixed start to the day saw Bitcoin fall to an early morning low $37,902.0 before rising to a high $38,136.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (-0.10%), Crypto.com Coin (-1.04%), Litecoin (-0.16%), and Polkadot (-0.16%) saw red early on.

It was a relatively bullish start to the day for the rest of the pack, however.

At the time of writing, Binance Coin was up by 0.31% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $38,326 pivot to bring the first major resistance level at $39,266 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $39,519.0 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,458.

Failure to move through the $38,326 pivot would bring the first major support level at $37,134 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,194 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.