The Crypto Daily – Movers and Shakers – June 23rd, 2021

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Published: Jun 23, 2021, 00:35 UTC

It's a bearish start to the day for Bitcoin and the cryptos. A Bitcoin move back through to $33,000 levels would support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

The Rest of the Pack

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

Polkadot and Ripple’s XRP slid by 9.13% and by 10.79% to lead the way down, with Crypto.com Coin sliding by 8.18%.

Binance Coin (-3.22%), Bitcoin Cash SV (-5.84), Cardano’s ADA (-1.50%), Chainlink (-3.47%) and Litecoin (-3.67%) also saw struggled.

Ethereum fell by a modest 0.20% on the day.

Early in the week, the crypto total market rose to a Monday high $1,488bn before falling to a Tuesday low $1,128bn. At the time of writing, the total market cap stood at $1,254bn.

Bitcoin’s dominance fell to a Monday low 45.03% before rising to a Tuesday high 47.97%. At the time of writing, Bitcoin’s dominance stood at 48.15%.

This Morning

At the time of writing, Bitcoin was.

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, Cardano’s ADA was down by 2.36% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $31,729 pivot to bring the first major resistance level at $34,211 into play.

Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.

Barring a broad-based crypto rebound, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test the second major resistance level at $35,850.

A fall through the $31,729 pivot would bring the first major support level at $30,090 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of $29,000 levels. The second major support level sits at $27,608.

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.