Categories: Altcoin News Bitcoin News News Price Analysis

Bitcoin, Dogecoin Price Analysis: June 16, 2021

The cryptocurrency market is back in red, with coins posting minor losses across the board. Bitcoin hit a barrier slightly above $41,000, curtailing the bid for gains toward $50,000. Meanwhile, Ethereum failed to break the hurdle at $2,650, settling for the short-term support at $2,500. On the other hand, Ripple is stuck in the range between $0.8 and $0.9.


The flagship cryptocurrency is having a challenge holding above $40,000. Hence, overhead pressure is intensifying amid a dwindling tail force.

Many investors expected a quick rise to $50,000 after Bitcoin broke the hurdle at $40,000 for the first time in June. Nonetheless, exhaustion seems to be creeping back as BTC delays the expected upswing.

If support at the 200 Simple Moving Average (SMA) on the four-hour chart fails to hold, we foresee BTC dropping to $36,000 before another recovery mission comes into play. Note that the MACD may flip bearish soon, thus adding weight to the bearish outlook.

BTC/USD four-hour chart

BTC/USD price chart by Tradingview

A golden cross pattern may appear with the 50 SMA crossing above the 100 SMA on the brighter side. This is a bullish signal that could turn the trend upward in the short term.


Dogecoin teeters at $0.31 after running into acute resistance at the 50 SMA on the four-hour chart. Unless this sellers’ congestion zone comes out of the way, recovery will not happen quickly.

Realize that the MACD has no defined direction, implying that consolidation may last longer. On the downside, immediate support is provided at $0.3 and must hold to ensure that losses toward $0.24 are avoided.

DOGE/USD four-hour chart

DOGE/USD price chart by Tradingview

A daily close above the 50 SMA could encourage buyers to return to the market. An increase in buying pressure will likely bolster the meme coin higher up. Some resistance is anticipated at $0.35, but if broken, gains may extend to $0.4.

John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige


Recent Posts

  • guest post

How Are Cryptocurrencies regulated in Different Parts of the world

Digital currency is a relatively recent concept, and central banks around the world are still…

41 mins ago
  • Bitcoin News
  • News
  • Regulation News

$161.9 Billion AUM Asset Management Firm Launches Crypto Index Fund for US Investors

Victory Capital Holdings has announced the launch of its private crypto index fund, Victory Hashdex…

1 hour ago
  • Blockchain News
  • News

Robinhood ($HOOD) gets a taste of its own medicine, stocks halted after 65% surge

Robinhood, the fintech trading platform that also supports crypto trading faces a similar situation that…

2 hours ago
  • News
  • NFT News

How NFTs are changing the Luxury Fashion Industry?

Non-Fungible Tokens (NFTs) have gained raging popularity in just a few months. The trend has…

3 hours ago
  • Bitcoin News
  • Blockchain News
  • News

Breaking: Grayscale Appoints 20-Year ETF Veteran to Focus on its Bitcoin ETF Launch

Grayscale, the world's leading asset manager is quite focused on its goal of converting its…

3 hours ago
  • Press Release

PR: Zero Fees for Futures Trading on Cryptology

Cryptocurrency traders across Europe were left hanging as Binance announced it would be stopping all…

4 hours ago