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Bitcoin Market Analysis: Market Stalls Following Weekend Slide

June 13, 2021


After suffering a plunge yesterday, Bitcoin (BTC) appears to have fallen into consolidation between $35k and $36k, as altcoins follow in a similar movement.

The benchmark cryptocurrency began the weekend in an upbeat tone following the adoption news from El Salvador and hints from Paraguay, India, and Iran. However, things went south quickly for BTC, causing it to drop by about $2.5k during the weekend. This momentum resulted in a bottoming out at $35k yesterday.

The price has been in a pass-and-play mode between bulls and bears ever since. At press time, Bitcoin trades around the $36k level.

While its market capitalization remains well below $700 billion, the primary cryptocurrency’s market dominance has risen back above 44%.

The weekend did not go well for the altcoin market as well. All large-cap altcoins began the weekend on a bearish tone and suffered single-digit losses. However, they have posted a decent comeback over the past few hours as the new week begins. At press time, Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), and Polkadot (DOT), trade positively at +0.7%, +1%, +2.11%, +1.6%, +1.4%, and +1.26%, respectively.

Key Bitcoin Levels to Watch — June 13

As mentioned earlier, Bitcoin is currently in a directionless momentum between $35k and $36k, as bulls and bears battle for dominance. That said, the scales are tilted in favor of bulls, as BTC regains its footing above the 200 SMA.

BTCUSD – Hourly Chart

Nonetheless, the failure of bulls to capitalize on this advantage and propel prices higher over the coming hours could prolong Bitcoin’s sideways bias.

Meanwhile, our resistance levels are at $36,500, $37,000, and $37,500, and our key support levels are at $35,000, $34,200, and $33,700.

Total Market Capitalization: $1.53 trillion

Bitcoin Market Capitalization: $674.8 billion

Bitcoin Dominance: 44.2%

Market Rank: #1


Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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