The U.S Crypto Morning Session – June 3rd, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. Following Wednesday’s gains, the majors found support to recover from early losses.

At the time of writing, Bitcoin, BTC to USD, was up by 3.56% to $38,914.0. Through the early hours, UTC, Bitcoin fell to an early morning current day low $37,179.0 before finding support.

Steering clear of the first major support level at $36,266, Bitcoin rose to a late morning intraday high $39,482.0.

Bitcoin broke through the first major resistance level at $38,555 to come within range of the second major resistance level at $39,533 before easing back.

The Rest of the Pack

It’s been a bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Cardano’s ADA was up by 5.19% to lead the way, with Binance Coin and Chainlink up by 4.68% and by 4.39% respectively.

Ethereum (+3.96%), Litecoin (+2.59%), and Polkadot (+2.27%) also found strong support.

Bitcoin Cash SV (+0.32%), Crypto.com Coin (+1.60%), and Ripple’s XRP (+1.36%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,643bn before rising to a high $1,752bn. At the time of writing, the total market cap stood at $1,720bn.

Bitcoin’s dominance fell to an early low 42.12% before rising to a high 42.43%. At the time of writing, Bitcoin’s dominance stood at 42.34%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $38,555 to support another run at $40,000 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the second major resistance level at $39,533.

Barring an extended rally through the afternoon, the second major resistance level would likely continue to limit the upside.

A break through to $40,000 levels, however, would bring the 38.2% FIB of $41,592 into play.

Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 200 EMA. The bullish cross and a narrowing of the 100 EMA on the 200 EMA supported the upside this morning.

A fall back through the first major resistance level at $38,555 and the $37,244 pivot would bring the first major support level at $36,266 into play.

Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of sub-$36,000 levels. The second major support level sits at $34,955.