The Crypto Daily – Movers and Shakers – June 5th, 2021

The Crypto Daily – Movers and Shakers – June 5th, 2021

It’s a bullish start to the day for Bitcoin and the broader market. A move back through to $38,000 levels would support a recovery of Friday’s losses.

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Bitcoin, BTC to USD, slid by 6.07% on Friday. Reversing a 4.37% gain from Thursday, Bitcoin ended the day at $36,844.0.

A mixed start to the day saw Bitcoin rise to an early morning high $39,275.0 before hitting reverse.

Falling short of the first major resistance level at $40,079, Bitcoin slid to a mid-day intraday low $35,586.0.

The extended sell-off saw Bitcoin fall through the first major support level at $37,776 and the second major support level at $36,326.

Steering clear of sub-$35,000 levels, Bitcoin broke back through the second major support level to end the day at $36,800 levels.

The near-term bullish trend remained intact supported by the latest move back through to $39,000 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 also a bearish day on Friday.

Bitcoin Cash SV and Chainlink slid by 9.32% and by 10.43% to lead the way down.

Binance Coin (-8.72%), Cardano’s ADA (-7.33%), Crypto.com Coin (-7.06%), Litecoin (-7.71%), and Ripple’s XRP (-7.09%) also struggled.

Ethereum (-5.81%) and Polkadot (-1.23%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $1,450bn before rising to a Thursday high $1,774bn. At the time of writing, the total market cap stood at $1,667.

Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Thursday low 41.68%. At the time of writing, Bitcoin’s dominance stood at 42.25%.

This Morning

At the time of writing, Bitcoin was up by 1.95% to $37,563.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,617.0 before rising to a high $37,598.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day.

At the time of writing, Binance Coin was up by 3.77% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $37,235 pivot to bring the first major resistance level at $38,884 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 Friday’s high $39,275.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $40,924.

A fall back through the $37,235 pivot would bring the first major support level at $35,195 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $33,546.

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