The Crypto Daily – Movers and Shakers – June 9th, 2021
Bitcoin, BTC to USD, slipped by 0.04% on Tuesday. Following a 6.17% slide on Monday, Bitcoin ended the day at $33,402.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $34,052.0 before hitting reverse.
Falling short of the first major resistance level at $35,721 Bitcoin slid to a mid-afternoon intraday low $31,075.0.
Bitcoin fell through the first major support level at $32,487 and the second major support level at $31,401.
Finding late support, however, Bitcoin broke back through the major support levels to return to $33,000 levels.
The near-term bullish trend remained intact in spite of the latest fall back through to $31,000 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.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin tumbled by 14.04% to lead the day down.
Early in the week, the crypto total market rose to a Monday high $1,546bn before falling to a Monday low $1,374bn. At the time of writing, the total market cap stood at $1,475bn.
Bitcoin’s dominance rose to a Monday high 42.28% before falling to a Monday low 41.53%. At the time of writing, Bitcoin’s dominance stood at 42.07%.
At the time of writing, Bitcoin was down by 0.71% to $33,166.3. A mixed start to the day saw Bitcoin rise to an early morning high $33,570.0 before falling to a low $32,469.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was up by 3.21% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 3.72% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $32,843 pivot to bring the first major resistance level at $34,611 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 rally, 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 $35,820 and resistance at $36,000.
Failure to avoid a fall back through the $32,843 pivot would bring the first major support level at $31,634 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000. The second major support level sits at $29,866.