FX Empire

The Crypto Daily – Movers and Shakers – June 23rd, 2021

Bob Mason
2 min read

In This Article:

Bitcoin, BTC to USD, rose by 2.68% on Tuesday. Partially reversing an 11.01% slide from Monday, Bitcoin ended the day at $32,572.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $33,368.0 before hitting reverse.

Falling short of the first major resistance level at $34,583, Bitcoin slid to an early afternoon intraday low $29,247.0.

Bitcoin fell through the first major support level at $30,119 before revisiting $33,300 levels.

Continuing to fall short of the day’s major resistance levels, Bitcoin eased back to end the day at sub-$33,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 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 for the majors on Tuesday.

Polkadot and Ripple’s XRP slid by 9.13% and by 10.79% to lead the way down, with Crypto.com Coin sliding by 8.18%.

Binance Coin (-3.22%), Bitcoin Cash SV (-5.84), Cardano’s ADA (-1.50%), Chainlink (-3.47%) and Litecoin (-3.67%) also saw struggled.

Ethereum fell by a modest 0.20% on the day.

Early in the week, the crypto total market rose to a Monday high $1,488bn before falling to a Tuesday low $1,128bn. 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 a Tuesday high 47.97%. At the time of writing, Bitcoin’s dominance stood at 48.15%.

This Morning

At the time of writing, Bitcoin was.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Cardano’s ADA was down by 2.36% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $31,729 pivot to bring the first major resistance level at $34,211 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 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test the second major resistance level at $35,850.

A fall through the $31,729 pivot would bring the first major support level at $30,090 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of $29,000 levels. The second major support level sits at $27,608.

This article was originally posted on FX Empire

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