The Crypto Daily – Movers and Shakers – June 12, 2021

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The Crypto Daily - Movers and Shakers - June 12, 2021

Bitcoin, BTC to USD, rose 1.79% on Friday. Bitcoin reversed a 1.89% decline from Thursday, ending the day at $ 37,338.0.

A mixed start to the day caused Bitcoin to hit an early morning intraday low of $ 35,929.0 before making a move.

To bypass the first major support level at $ 35,540, Bitcoin rose to a late morning intraday high of $ 37,650.0.

Bitcoin missed the first major resistance level of $ 38,061 and fell to $ 36,500 before finding support.

A late move back to the $ 37,300 level provided the uptrend that day.

The short-term uptrend remained intact, aided by the recent surge to $ 37,000. For the bears, Bitcoin would need a sustained drop through the 62% FIB of $ 27,237 to form a short-term downtrend.

The rest of the package

In all other majors it was a mixed day on Friday.

Bitcoin Cash SV rose 3.76% to buck the broader trend and join Bitcoin in the green.

For the other majors, however, it was a bearish day.

Polkadot slid 9.32% to lead the way down, with Cardanos ADA (-6.22%) and Chainlink (-7.01%) also posting heavy losses.

Binance Coin (-1.80%), Crypto.com Coin (-0.76%), Ethereum (-4.71%), Litecoin (-3.23%) and Ripple’s XRP (-2.85%) recorded relatively modest losses.

For the current week, the overall crypto market rose to a Monday high of $ 1,670 billion before falling to a low of $ 1,374 billion on Tuesday. At the time of writing, its total market cap was $ 1,519 billion.

Bitcoin’s dominance fell to a Monday low of 41.28% before rising to a Friday high of 45.64%. At the time of writing, Bitcoin was dominant at 45.74%.

This morning

At the time of writing, Bitcoin is down 0.71% to $ 37,072.0. After a mixed start to the day, Bitcoin rose to an early morning high of $ 37,461.3 before falling to a low of $ 37,040.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a bearish start to the day.

At the time of writing, Chainlink was down 2.04% to lead the way down.

For the coming Bitcoin day

The story goes on

Bitcoin would have to avoid the $ 36,972 pivot to bring the first major resistance level into play at $ 38,016.

In order for Bitcoin to break back to the $ 38,000 level, support from the broader market would be required.

Aside from a broad crypto rally, the first major level of resistance would likely limit any uptrend.

In the event of another extended crypto rally, Bitcoin could test resistance at $ 40,000 before retreating. The second major resistance level is at $ 38,693.

A fall through the $ 36,972 pivot would bring the first major support level into play at $ 36,295.

Aside from an extended sell-off that day, Bitcoin should avoid the second major support level at $ 35,251.

This article was originally published on FX Empire

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