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The Crypto Daily – Movers and Shakers – June 26th, 2021

By:
Bob Mason
Published: Jun 26, 2021, 01:01 UTC

It's been a mixed start to the day for the majors. A Bitcoin move back through to $34,000 levels would support the broader market.

Group of golden Bitcoin coins arranged in a grid

In this article:

Bitcoin, BTC to USD, slid by 8.86% on Friday. Reversing a 2.87% gain from Thursday, Bitcoin ended the day at $31,584.7.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $35,495.0 before hitting reverse.

Falling short of the first major resistance level at $35,856, Bitcoin slid to a late intraday low $31,264.0.

The sell-off saw Bitcoin fall through the first major support level at $32,909 to end the day at $31,500 levels.

In spite of the extended sell-off, Bitcoin avoided the second major support level at $31,152.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 for the majors on Friday.

Bitcoin Cash SV (+1.72%) and Crypto.com Coin (+0.41%) bucked the trend on the day.

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

Chainlink led the way down, sliding by 11.10%.

Binance Coin (-8.94%), Cardano’s ADA (-7.89%), Ethereum (-9.04%), Litecoin (-7.09%), and Ripple’s XRP (-9.39%) also saw heavy losses.

Polkadot fell by a more modest 2.43% on the day.

In the current week, the crypto total market rose to a Monday high $1,488bn before falling to a Tuesday low $1,129bn. At the time of writing, the total market cap stood at $1,278bn.

Bitcoin’s dominance fell to a Monday low 45.03% before rising to a Wednesday high 48.28%. At the time of writing, Bitcoin’s dominance stood at 46.86%.

This Morning

At the time of writing, Bitcoin was up by 0.87% to $31,859.0. A mixed start to the day saw Bitcoin fall to an early morning low $31,300.0 before rising to a high $32,180.0.

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, sliding by 3.05%.

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

At the time of writing, was Litecoin was up by 2.17% to lead the way.

BTCUSD 260621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $32,781 pivot to bring the first major resistance level at $34,299 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 and resistance at $35,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $37,012.

Failure to move through the $32,781 pivot would bring the first major support level at $30,068 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $28,550.

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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