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

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The Crypto Daily - Movers and Shakers - June 16, 2021

Bitcoin, BTC to USD, fell 0.92% on Tuesday. Bitcoin partially reversed a 3.87% gain from Monday, ending the day at $ 40,137.0.

A mixed start to the day caused Bitcoin to hit an intraday low of $ 39,445.9 in the late morning before making a move.

To bypass the first major support level at $ 39,167, Bitcoin rebounded to a late intraday high of $ 41,273.0.

However, Bitcoin missed the first major resistance level of $ 41,415 and fell below $ 40,500 and into the red.

The short-term uptrend remained intact, aided by the recent return to a level of $ 41,000. 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

It was a bearish day on Tuesday for the rest of the majors.

Bitcoin Cash SV slumped 14.22% and led the way down, with Polkadot down 6.56%.

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

Binance Coin (-0.96%), Cardanos ADA (-1.27%), Chainlink (-1.79%) and Ethereum (-1.51%) recorded relatively modest losses that day.

Earlier this week, the overall crypto market fell to a Monday lows of $ 1,591 billion before rising to a high of $ 1,708 billion on Tuesday. At the time of writing, total market cap was $ 1,638 billion.

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

This morning

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

Bitcoin left key 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 support early on.

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

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

For the coming Bitcoin day

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

The story goes on

In order for Bitcoin to break back to a level of $ 41,000, support from the broader market would be required.

Aside from a broad crypto rally, the first major resistance level and resistance at 38.2% FIB would likely limit any uptrend.

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

If the $ 40,285 pivot is not broken, the first major support level at $ 39,298 would come into play.

Aside from a lengthy sell-off that day, Bitcoin should stay away from under $ 39,000. The second major level of support is at $ 38,458

This article was originally published on FX Empire

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