Bitcoin Begins the New Week on a Bearish Tone Near $35k
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Following a bearish end of last week, Bitcoin (BTC) appears to have settled above the $35k level. Meanwhile, things didn’t go any better in the altcoin sector, with Ethereum falling to $2,200 and Ripple losing over 5% in a day.
Last week started with a positive outlook for the crypto market as BTC crossed the $40k psychological resistance for the first time in over three weeks and peaked at $41,375 on Tuesday.
Traders and investors hoped to ride the bullish momentum to $50k as the influx of capital increased. However, bears had other plans and forced the cryptocurrency slightly below the $35k level. In total, bears sent BTC spiraling by over $6,000 in just a few days.
Meanwhile, FUD levels have spiked even further following the recent announcement that a UK bank (TSB Bank Plc) has ceased operations with crypto industry giants Binance and Kraken.
The altcoins space also suffered massive losses last week, with Binance Coin falling well below the $340 level. At press time, Ethereum (-2.5%), Binance Coin (-1.68%), Cardano (-2.48%), Dogecoin (-3.48%), Ripple (-5%), Polkadot (-4.37), and Uniswap (-3.27%) have all began the day on bearish tones.
Key Bitcoin Levels to Watch — June 20
On the 4-hour chart, we can observe that Bitcoin has maintained a range-bound momentum since its descent from the $59k area in May. The primary cryptocurrency is in a pass-and-play momentum within a $10k range; $41,500 and $31,500.
This sideways movement could persist for a while, given the absence of adequate trade volume.
Nonetheless, we expect a bounce to the $37,500 resistance, where the 200 SMA line resides, over the coming hours and days. However, a break below the $35k support could frustrate the recovery process.
Meanwhile, our resistance levels are at $36,000, $37,000, and $37,500, and our key support levels are at $35,000, $33,700, and $33,000.
Total Market Capitalization: $1.47 trillion
Bitcoin Market Capitalization: $663.1 billion
Bitcoin Dominance: 45%
Market Rank: #1
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