The U.S Crypto Morning Session – May 31st, 2021It’s a bullish start to the day for the majors. The Bitcoin bulls will be eyeing $39,000 levels to support a broad-based breakout…
It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, the majors reversed losses from the start of the day.
At the time of writing, Bitcoin, BTC to USD, was up by 4.28% to $37,137.0. Through the early hours, UTC, Bitcoin fell to a mid-morning low $34,160.0 before rising to a late morning high $37,199.0.
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While steering clear of the first major support level at $33,848, Bitcoin broke through the first major resistance level at $36,900.
The Rest of the Pack
Across the rest of the majors, it has been a mixed morning.
Bitcoin Cash SV was down by 1.56% to buck the trend through the morning.
It was a bullish morning for the rest of the majors, however.
Cardano’s ADA (+6.41%) and Polkadot (+2.68%) trailed the front runners, however.
Through the early hours, the crypto total market fell to an early morning low $1,450bn before rising to a high $1,614bn. At the time of writing, the total market cap stood at $1,600bn.
Bitcoin’s dominance rose to an early high 44.14% before falling to a low 43.24%. At the time of writing, Bitcoin’s dominance stood at 43.51%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $36,900 to support a 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 $38,185.
Barring an extended rally through the afternoon, resistance at $38,000 would likely continue to limit the upside.
A move back through the $39,000 levels, however, would bring the 38.2% FIB of $41,592 into play. The third major resistance level sits at $41,237.
Looking beyond the support and resistance levels, the 50 EMA has narrowed on the 100 EMA supporting the early upside.
A fall back through the first major resistance level to sub-$36,000 levels would bring sub-$35,000 levels into play.
Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of the first major support level at $33,848.