Cryptomania

The Crypto Daily – Movers and Shakers – June 16th, 2021

Bitcoin, BTC to USD, fell by 0.92% on Tuesday. Partially reversing a 3.87% gain from Monday, Bitcoin ended the day at $40,137.0.

A mixed start to the day saw Bitcoin fall to a late morning intraday low $39,445.9 before making a move.

Steering clear of the first major support level at $39,167, Bitcoin rallied to a late intraday high $41,273.0.

Falling short of the first major resistance level at $41,415, however, Bitcoin fell back to sub-$40,500 and into the red.

The near-term bullish trend remained intact supported by the latest move back through to $41,000 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 bearish day on Tuesday.

Bitcoin Cash SV slumped by 14.22% to lead the way down, with Polkadot sliding by 6.56%.

Crypto.com Coin (-3.07%), Litecoin (-2.68%), and Ripple’s XRP (-2.70%) also struggled.

Binance Coin (-0.96%), Cardano’s ADA (-1.27%), Chainlink (-1.79%), and Ethereum (-1.51%) saw relatively modest losses on the day.

Early in the week, the crypto total market fell to a Monday low $1,591bn before rising to a Tuesday high $1,708bn. At the time of writing, the total market cap stood at $1,638bn.

Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Tuesday high 46.12%. At the time of writing, Bitcoin’s dominance stood at 45.89%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $40,094.0. A bearish start to the day saw Bitcoin fall from an early morning high $40,143.0 to a low $39,940.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (+0.09%) and Polkadot (+0.01%) found early support.

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

At the time of writing, Chainlink was down by 0.80% to lead the way down.

BTCUSD 160621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $40,285 pivot to bring the first major resistance level at $41,125 and the 38.2% FIB of $41,592 into play.

Support from the broader market would be needed for Bitcoin to break back through to $41,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at the 38.2% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $43,000 before any pullback. The second major resistance level sits at $42,112.

Failure to move through the $40,285 pivot would bring the first major support level at $39,298 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$39,000 levels. The second major support level sits at $38,458