The Crypto Daily – Movers and Shakers – June 22nd, 2021

It’s a bearish day for the broader market after Monday’s extended sell-off. A Bitcoin move back through to $34,000 levels would settle the markets.
bitcoin with us dollars and calculator

To view this video content please accept our cookie policy.

Bitcoin, BTC to USD, slid by 11.01% on Monday. Following an 8.64% loss from the previous week, Bitcoin ended the day at $31,726.4.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $35,832.0 before hitting reverse.

Falling short of the first major resistance level at $36,768, Bitcoin slid to late intraday low $31,368.0.

Bitcoin fell through the first major support level at $33,953 and the second major support level at $32,274.

Finding late support, Bitcoin briefly revisited $32,000 levels before easing back.

The near-term bullish trend remained intact in spite of the latest slide back 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 particularly bearish start to the week.

Ripple’s XRP and Binance Coin slumped by 21.53% and by 20.09% to lead the way down.

Chainlink (-19.45%) and Litecoin (-19.65%) were also deep in the red for the day.

Bitcoin Cash SV (-16.57%), Cardano’s ADA (-17.66%), Crypto.com Coin (-8.53%), Ethereum (-15.93%), and Polkadot (-14.23%) also struggled, however.

Early in the week, the crypto total market rose to a Monday high $1,488bn before falling to an early Tuesday low $1,234bn. At the time of writing, the total market cap stood at $1,254bn.

Bitcoin’s dominance fell to a Monday low 45.03% before rising to an early Tuesday high 47.36%. At the time of writing, Bitcoin’s dominance stood at 47.07%.

This Morning

At the time of writing, Bitcoin was down by 0.38% to $31,605.0. A mixed start to the day saw Bitcoin rise to an early morning high $31,967.0 before falling to a low $31,300.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum found early support, rising by 0.25% to buck the trend early on.

It’s been a bearish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was down by 11.69% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $32,976 pivot to bring the first major resistance level at $34,583 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 rebound, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test the second major resistance level at $37,440.

Failure to move through the $32,976 pivot would bring the first major support level at $30,119 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level at $28,512 should limit the downside.

Most Recent

Top Articles