The Crypto Daily – Movers and Shakers – 06/01/2020

Bitcoin fell by 0.08% on Sunday. Following on from a 0.02% decline on Saturday, Bitcoin ended the day at $7,364.6.

The moves through the weekend left Bitcoin down by 0.04% for the week.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $7,509.9.

Bitcoin broke through the first major resistance level at $7,428.77 and the second major resistance level at $7,487.73.

While easing back to sub-$7,500 levels, Bitcoin held onto $7,400 levels until a late sell-off.

The sell-off saw Bitcoin fall back through the major resistance levels to a late intraday low $7,315.8.

Steering clear of the first major support level at $7,304.07, Bitcoin found support in the final hour to limit the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed with Bitcoin’s slide back to sub-$7,000 levels earlier in the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Monero’s XRM led the way, rallying by 6.03% to replace Stellar’s Lumen in the crypto top 10 (by market cap).

Binance Coin (+1.74%), Bitcoin Cash SV (+1.01%), EOS (+1.14%), Ethereum (+0.87%), Litecoin (+1.36%), and Ripple’s XRP (+0.39%) also saw green.

Bitcoin Cash ABC (-1.26%), Stellar’s Lumen (-0.31%), Tezos (-0.17%), and Tron’s TRX (+0.11%) joined Bitcoin in the red on the day.

It was also a mixed bag for the week ending 5^th January.

Monero’s XMR and Bitcoin Cash SV led the way with gains of 15.5% and 11.3% respectively.

Bitcoin Cash ABC (+5.44%), Ethereum (+0.74%), and Litecoin (+0.56%) also made gains in the week.

It was a bearish week for the rest of the pack, with Tezos sliding by 4.1% to lead the way down.

Binance Coin (-0.21%), EOS (-0.22%), Ripple’s XRP (-1.18%), Stellar’s Lumen (-1.62%), and Tron’s TRX (-1.24%) also joined Bitcoin in the red for the week.

Through the week, the crypto total market cap recovered from a Thursday low $185.26bn. A bullish start to the day on Sunday saw the market cap hit a week high $200.37bn. At the time of writing, the total market cap stood at $197.83bn.

Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses for the week. Trading volumes hit $90bn levels on Saturday before easing back to sub-$70bn levels. At the time of writing, volumes were at $67bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.16% to $7,376.6. A bullish start to the day saw Bitcoin rise from an early morning low $7,358.0 to a high $7,381.2.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Monero’s XMR (+0.36%), Ripple’s XRP (+0.12%), Tezos (+0.07%), and Tron’s TRX (+0.07%) also found early support.

It was a bearish start for the rest, however, with Bitcoin Cash SV (-0.26%), Ethereum (-0.23%) and Stellar’s Lumen (-0.27%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,390 levels to support a run at the first major resistance level at $7,477.73.

Support from the broader market would be needed for Bitcoin to break back through to $7,400 levels.

Barring an extended crypto rally on the day, resistance at $7,500 would likely limit any upside.

Failure to move through to $7,390 levels could see Bitcoin hit reverse.

A fall through the morning low $7,358.0 would bring the first major resistance level at $7,283.63 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,200 levels.

The second major support level at $7,202.67 should limit any downside on the day.