The U.S Crypto Morning Session – June 7th, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, Bitcoin and the majors got a solid kickstart through the early hours.

At the time of writing, Bitcoin, BTC to USD, was up by 1.87% to $36,450.1. A mixed start to the day saw Bitcoin fall to an early morning low $35,487.0 before making a move.

Steering clear of the first major support level at $35,174, Bitcoin rose to an early morning high $36,784.0.

Bitcoin broke through the first major support level at $36,341 before a pullback to sub-$36,000 levels.

In the late morning, however, Bitcoin broke back through the first major resistance level to revisit to $36,500 levels.

The Rest of the Pack

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

Through the morning, Ethereum and Crypto.com Coin were up by 3.74% and by 3.48% respectively to lead the way.

Cardano’s ADA (+2.97%), Chainlink (+2.80%), and Litecoin (+2.59%) also found relatively strong support.

Binance Coin (+1.74%) and Ripple’s XRP (+1.52%) trailed the front runners, with Bitcoin Cash SV (+0.11%) and Polkadot (+0.96%) seeing modest gains early on.

Through the early hours, the crypto total market fell to an early morning low $1,590bn before Rising to a high $1,665bn. At the time of writing, the total market cap stood at $1,642bn.

Bitcoin’s dominance rose to an early high 41.84% before falling to a low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.58%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $37,081.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $36,784.0.

Barring an extended crypto rally, the second major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could test resistance at $39,000 before any pullback. The third major resistance level sits at $38,338.

Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 EMA and the 200 EMA early on. Going into the 2^nd half of the day, however, there was no sign of an imminent bullish cross, leaving Bitcoin at risk of a reversal.

A fall back through the first major resistance level at $36,431 and $35,824 pivot would bring the first major support level at $35,174 into play.

Barring an extended rally through the afternoon, Bitcoin should steer clear of sub-$35,000 levels, however.

The second major support level sits at $34,567.