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The Crypto Daily – Movers and Shakers – June 30th, 2021

By:
Bob Mason
Updated: Jun 30, 2021, 00:49 UTC

It's been a bearish start to the day for the majors. A Bitcoin move back through to $36,500 levels would support the broader market.

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In this article:

Bitcoin, BTC to USD, rose by 4.14% on Tuesday. Reversing a 0.72% loss from Monday, Bitcoin ended the day at $35,922.4.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $34,226.8 before making a move.

Steering clear of the first major support level at $33,821, Bitcoin rallied to a late afternoon intraday high $36,600.0.

Bitcoin broke through the first major resistance level at $35,243 and the second major resistance level at $35,992.

A bearish end to the day, however, saw Bitcoin fall back through the second major resistance level to end the day at $35,920 levels.

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 on Tuesday.

Bitcoin Cash SV slid by 8.94%, with Polkadot (-0.85%) also seeing red.

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

Crypto.com Coin and Ripple’s XRP rallied by 8.66% and by 9.64% to lead the way.

Binance Coin (+3.74%), Cardano’s ADA (+3.57%), Chainlink (+3.77%), Ethereum (+3.95), and Litecoin (+4.71%) also found solid support.

Early in the week, the crypto total market fell to a Monday low $1,342bn before rising to a Tuesday high $1,485bn. At the time of writing, the total market cap stood at $1,432bn.

Bitcoin’s dominance rose to a Monday high 47.67% before falling to a Tuesday low 46.26%. At the time of writing, Bitcoin’s dominance stood at 46.90%.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $35,802.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,968.0 before falling to a low $35,802.0.

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, Crypto.com Coin was down by 2.12% to lead the way down.

BTCUSD 300621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $35,583 pivot to bring the first major resistance level at $36,939 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $36,600.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $37,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000. The second major resistance level sits at $37,956.

A fall through the $35,583 pivot would bring the first major support level at $34,566 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$34,000 levels. The second major support level sits at $33,210.

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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