Bitcoin, BTC to USD, fell by 1.89% on Thursday.
Partially reversing an 11.83% rally from Wednesday, Bitcoin ended the day at
$36,663.0.
A mixed start to the day saw Bitcoin recover from a
mid-morning low $36,250.0 to strike a late morning intraday high $38,337.0.
Falling short of the first major resistance level at
$39,088, Bitcoin fell to a late intraday low $35,816.
Steering clear of the first major support level at
$34,058, Bitcoin found support to end the day at $36,600 levels.
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 bearish day on
Thursday.
Chainlink slid by 9.57% to lead the way down.
Binance Coin (-6.28%), Cardano’s ADA (-5.90%), Ethereum
(-5.35%), and Ripple’s XRP (-5.80%) also struggled.
Bitcoin Cash SV (-2.95%), Crypto.com Coin (-1.98%),
Litecoin (-2.69%), and Polkadot (-0.39%) saw relatively modest losses on the
day.
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 $1,527bn.
Bitcoin’s dominance fell to a Monday low 41.28% before
rising to an early Friday high 44.45%. At the time of writing, Bitcoin’s
dominance stood at 44.45%.
This Morning
At the time of writing, Bitcoin was down by 0.28% to
$36,560.0. A mixed start to the day saw Bitcoin rise to an early morning high
$37,249.0 before falling to a low $36,311.0.
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, Crypto.com Coin was down by
1.85% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $36,939
pivot to bring the first major resistance level at $38,061 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 and Thursday’s high $38,337.0 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 $39,460.
Failure to move back through the $36,936 pivot would
bring the first major support level at $35,540 into play.
Barring an extended sell-off on the day, Bitcoin should
steer clear of the second major support level at $34,418.
Source: Fxempire
#The #Crypto #Daily – #Movers #and #Shakers – June 11th, 2021
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