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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

  • Posted On - 2021-06-16 07:00:33

A breakout above $41k provoked selling near a key moving average but the move could just be a lower support retest.

The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. 

Bitcoin's rejection at the 200 EMA was followed by a rapid sell-off to $39,500, showing that a possible move lower is not out of the question.

While most of the altcoin market saw muted price action on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that trading for the token would be supported on Coinbase Pro on June 17.

Following the announcement, Chiliz (CHZ) and KEEP also rallied 18% and 10% respectively.
 
Icon (ICX) also received a boost following the release of a new Ethereum (ETH) Virtual Machine (EVM) compatible blockchain called ICE. ICE is expected to become the application hub for the Icon project and it will have its own native token.
 
Other notable altcoin performances include a 22% jump from Amp (AMP) and a 20% gain for iExecRLC (RLC) and Ultra (UOS).
 
The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 44.6%.

Source: https://cointelegraph.com/news/bitcoin-price-hits-41k-then-rejects-after-sellers-defend-the-200-ma