The Crypto Daily – Movers and Shakers – June 17th, 2021

Bitcoin, BTC to USD, slid by 4.48% on Wednesday. Following a 0.92% loss on Tuesday, Bitcoin ended the day at $38,346.0.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $40,460.0 before hitting reverse.

Falling short of the first major resistance level at $41,125, Bitcoin slid to a late intraday low $38,121.0.

Bitcoin fell through the first major support level at $39,298 and the second major support level at $38,458 to end the day at sub-$38,500 levels.

The near-term bullish trend remained intact in spite of the latest slide back to $38,000 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 on Wednesday.

Polkadot bucked the trend on the day, rising by 0.61%.

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

Chainlink and Ethereum slid by 6.25% and by 6.91% respectively to lead the way down.

Binance Coin (-5.33%), Bitcoin Cash SV (-4.11%), Cardano’s ADA (-4.57%), Litecoin (-4.90%), and Ripple’s XRP (-3.95%) also struggled.

Crypto.com Coin fell by a more modest 0.51% on the day.

In the current week, the crypto total market rose to a Tuesday high $1,708bn before falling to a Wednesday low $1,543bn. At the time of writing, the total market cap stood at $1,574bn.

Bitcoin’s dominance fell to a Monday low 45.34% before rising to a Wednesday high 46.26%. At the time of writing, Bitcoin’s dominance stood at 45.80%.

This Morning

At the time of writing, Bitcoin was up by 0.35% to $38,480.0. A mixed start to the day saw Bitcoin fall to an early morning low $38,211.0 before rising to a high $38,621.1.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 1.46% to buck the trend early on.

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

At the time of writing, Chainlink was up by 1.65% to lead the way.

BTCUSD 170621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $38,976 pivot to bring the first major resistance level at $39,830 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring a broad-based crypto rally, the first major resistance level and resistance at $40,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $41,315.

Failure to move through the $38,976 pivot would bring the first major support level at $37,491 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$36,000 levels. The second major support level at $36,637 should limit the downside.

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