The Crypto Daily – Movers and Shakers – June 21st, 2021It’s a mixed start to the week for the crypto majors. A Bitcoin fall back to sub-$35,000 levels would send the broader market into the deep red.
Bitcoin, BTC to USD, rose by 0.17% on Sunday. Following a 0.77% decline on Saturday, Bitcoin ended the week down by 8.64% to $35,631.0.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
A mixed start to the day saw Bitcoin rise to a mid-morning high $35,983.0 before hitting reverse.
Falling short of the major resistance levels, Bitcoin slid to midday intraday low $33,411.0.
Bitcoin fell through the first major support level at $34,777 and the second major support level at $33,984.
Finding afternoon support, however, Bitcoin rallied to a late intraday high $36,226.4.
Falling short of the first major resistance level at $36,405, Bitcoin slipped back to end the day at sub-$36,000 levels.
The near-term bullish trend remained intact in spite of the latest slide back to $33,000 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 Sunday.
It was a bullish day for the rest of the majors.
Chainlink rallied by 6.79% to lead the way.
It was also a mixed week for the majors, in the week ending 20th June.
Polkadot bucked the trend in the week, rising by 2.62%.
It was a bearish week for the rest of the majors, however, which joined Bitcoin in the red.
Ripple’s XRP slid by 12.32% to lead the way down, with Ethereum and Litecoin falling by 10.65% and by 9.44% respectively.
Binance Coin (-7.35%), Bitcoin Cash SV (-8.95%), Cardano’s ADA (-8.41%), Chainlink (-7.26%), and Crypto.com Coin (-7.62%) also struggled, however.
In the week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Sunday low $1,367bn. At the time of writing, the total market cap stood at $1,462bn.
Bitcoin’s dominance rose to a Wednesday high 46.26% before falling to a Sunday low 45.04%. At the time of writing, Bitcoin’s dominance stood at 45.25%.
At the time of writing, Bitcoin was down by 0.79% to $35,351.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,832.0 before falling to a low $35,332.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin found early support, rising by 2.40%.
It’s been a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP and Chainlink were down by 1.38% and by 1.33% respectively to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $35,090 pivot to bring the first major resistance level at $36,768 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $36,226.4.
Barring a broad-based crypto rally, the first major resistance level and resistance at $37,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $39,000 before any pullback. The second major level sits at $37,905.
A fall through the $35,090 pivot would bring the first major support level at $33,953 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $32,274.