The Crypto Daily – Movers and Shakers – June 2nd, 2021
Bitcoin, BTC to USD, fell by 1.63% on Tuesday. Partially reversing a 4.69% gain from Monday, Bitcoin ended the day at $36,673.0.
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A bullish start to the day saw Bitcoin rally to an early morning intraday high $37,888.0 before hitting reverse.
Falling short of the first major resistance level at $38,489, Bitcoin slid to an early afternoon intraday low $35,659.0.
Steering clear of the first major support level at $35,116, Bitcoin revisited $37,200 levels before falling back into the red.
The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 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 a mixed day on Tuesday.
Binance Coin rose by 2.38% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Chainlink slid by 4.36% to lead the way down.
Bitcoin Cash SV (-3.82%), Crypto.com Coin (-3.60%), Ethereum (-2.71%), and Litecoin (-2.70%), and Ripple’s XRP (-2.91%) also struggled.
Cardano’s ADA (-0.15%), and Polkadot (-0.37%) saw modest losses on the day, however.
In the current week, the crypto total market fell to a Monday low $1,451bn before rising to a Tuesday high $1,681bn. At the time of writing, the total market cap stood at $1,591bn.
Bitcoin’s dominance rose to a Monday high 44.12% before falling to a Tuesday low 42.23%. At the time of writing, Bitcoin’s dominance stood at 42.67%.
This Morning
At the time of writing, Bitcoin was down by 1.16% to $36,247.0. A mixed start to the day saw Bitcoin rise to an early morning high $36,888.0 before falling to a low $36,233.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (+0.06%), Crypto.com Coin (+0.91%), and Polkadot (0.86%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 1.80% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $36,740 to bring the first major resistance level at $37,821 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 Tuesday’s high $37,888.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000. The second major resistance level sits at $38,969.
Failure to move back through the pivot at $36,740 would bring the first major support level at $35,592 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,511.