The U.S Crypto Morning Session – June 1st, 2021

It’s been a bearish start for Bitcoin and the broader crypto market. Following Monday’s bullish start to the week, the majors hit early highs before hitting reverse.

At the time of writing, Bitcoin, BTC to USD, was down by 2.29% to $36,427.3. Through the early hours, UTC, Bitcoin rose to a first hour intraday high $37,888.0 before hitting reverse.

Falling short of the first major resistance level at $38,489, Bitcoin slid to a late morning intraday low $35,940.0.

Steering clear of the first major support level at $35,116, Bitcoin found late morning support to return to $36,000 levels.

The Rest of the Pack

At the time of writing, Chainlink was down by 6.11% to lead the way.

Bitcoin Cash SV (-3.36%), Crypto.com Coin (-2.00%), Ethereum (-3.67%), and Litecoin (-3.82%) also struggled early on.

Binance Coin (-0.73%), Cardano’s ADA (-1.09%), Polkadot (-0.88%), and Ripple’s XRP (-1.75%) saw relatively modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,657bn before falling to a low $1,565bn. At the time of writing, the total market cap stood at $1,590bn.

Bitcoin’s dominance rose to an early high 43.00% before falling to a low 42.61%. At the time of writing, Bitcoin’s dominance stood at 42.79%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the $36,324 to support another run at the first major resistance level at $38,489.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $37,888.0 and return to $38,000 levels.

Barring an extended rally through the afternoon, resistance at $38,000 would likely continue to limit the upside.

A break through the first major resistance level, however, would bring the 38.2% FIB of $41,592 into play. The second major resistance level sits at $39,697.

Looking beyond the support and resistance levels, the 50 EMA has narrowed on the 100 EMA but has failed to cross leading to the morning pullback.

A fall back through the $36,324 pivot would bring the first major support level at $35,116 back into play.

Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $32,951.