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

Bitcoin, BTC to USD, rose by 1.79% on Friday. Reversing a 1.89% fall from Thursday, Bitcoin ended the day at $37,338.0.

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

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

Falling short of the first major resistance level at $38,061, Bitcoin fell to $36,500 levels before finding support.

A late move back through to $37,300 levels delivered the upside on the day.

The near-term bullish trend remained intact supported by the latest move back through to $37,000 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 Friday.

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

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

Polkadot slid by 9.32% to lead the way down, with Cardano’s ADA (-6.22%) and Chainlink (-7.01%) also seeing heavy losses.

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

In the current week, the crypto total market rose to a Monday high $1,670bn before falling to a Tuesday low $1,374bn. At the time of writing, the total market cap stood at $1,519bn.

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

This Morning

At the time of writing, Bitcoin was down by 0.71% to $37,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,461.3 before falling to a low $37,040.0.

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, Chainlink was down by 2.04% to lead the way down.

For the Bitcoin Day Ahead

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

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

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

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

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $35,251.

This article was originally posted on FX Empire

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