The Crypto Daily – Movers and Shakers – June 27th, 2020It’s a bearish start to the day for Bitcoin and the pack. A Bitcoin move through to $9,300 should provide support.
Bitcoin fell by 0.91% on Friday. Following on from a 0.52% decline on Thursday, Bitcoin ended the day at $9,173.1.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,299.0 before hitting reverse.
Falling short of the first major support level at $9,400.33, Bitcoin slid to an early afternoon intraday low $9,054.1.
Finding support at the first major support level at $9,062.33, Bitcoin briefly recovered to $9,200 levels before easing back.
The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,300 levels. Bitcoin continues to hold above the 23.6% FIB of $8,900.
For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Friday.
EOS (+0.06%), Litecoin (+1.73%), and Ripple’s XRP (+0.63%) bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV and Tezos slid by 2.51% and 3.57% respectively to lead the way down.
Bitcoin Cash ABC (-1.59%), Cardano’s ADA (-1.31%), and Ethereum (-1.11%) also saw relatively heavy losses.
Binance Coin (-0.82%), Monero’s XMR (-0.44%), Stellar’s Lumen (-0.47%), and Tron’s TRX (-0.02%) saw modest losses on the day.
Through the current week, the crypto total market cap rose to a Monday high $272.54bn before falling to a Thursday low $251.99bn. At the time of writing, the total market cap stood at $255.72bn.
Bitcoin’s dominance jumped to a Monday high 66.24% before sliding to a Wednesday low 65.52%. At the time of writing, Bitcoin’s dominance stood at 65.76%.
At the time of writing, Bitcoin was down by 0.21% to $9,154.2. A bearish start to the day saw Bitcoin fall from an early morning high $9,179.9 to a low $9,130.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Bitcoin Cash SV and Ripple’s XRP bucked the trend early on, rising by 0.59% and by 0.04% respectively.
It was a bearish start for the rest of the majors, however. Stellar’s Lumen and Tezos were down by 1.17% and by 0.93% to lead the way down early on.
For the Bitcoin Day Ahead
Bitcoin would move through the $9,175 pivot to support a run at the first major resistance level at $9,296.7.
Support from the broader market would be needed, however, for Bitcoin to break out from $9,200 levels.
Barring another extended crypto rally, the first major resistance level and Friday’s high $9,299.0 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,240.3.
Failure to move through the $9,175 pivot level could see Bitcoin struggle later in the day.
A fall back through to sub-$9,100 levels would bring the first major support level at $9,051.8 into play.
In the event of another extended crypto sell-off, the second major support level at $8,930.5 and 23.6% FIB of $8,900 could come into play.