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The Crypto Daily – Movers and Shakers -06/03/20

By:
Bob Mason
Updated: May 31, 2020, 14:05 UTC

It's been a choppy start to the day. A Bitcoin move through to $9,100 levels would give the pack more support...

Depositphotos_179061572_s-2019

Bitcoin rallied by 3.44% on Thursday. Following a 0.04% decline on Wednesday, Bitcoin ended the day at $9,090.8.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $8,788.6 to a late intraday high $9,186.5.

Bitcoin broke through the day’s major resistance levels before a late pullback to sub-$9,100 levels.

The late pullback saw Bitcoin fall back through the third major resistance level at $9,113.50.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 crypto majors.

Tezos bucked the trend on the day, falling by 0.30%.

It was a bullish day for the rest of the majors, however.

Binance Coin (+4.01%), Bitcoin Cash ABC (+3.99%), Bitcoin Cash SV (+3.19%), Cardano’s ADA (+4.08%), EOS (+4.74%), and Monero’s XMR (+3.86%) led the way.

Ethereum (+1.85%), Litecoin (+2.86%), Ripple’s XRP (+1.79%), Stellar’s Lumen (+1.11%), and Tron’s TRX (+1.0)%) saw modest gains.

Through the current week, the crypto total market cap rose to a Thursday high $261.84bn from a Monday low $243.1. At the time of writing, the total market cap stood at $259.04bn.

Bitcoin’s dominance fell back from 64% levels to sub-63.6% levels as Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance stood at 63.9%.

Trading volumes hit an early Tuesday high $187.15bn before falling back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $139.48bn.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $9,097.2. A choppy start to the day saw Bitcoin slide to an early morning low $9,011.3 before striking a high $9,120.5.

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

Elsewhere, it was a mixed start to the day.

Litecoin and Tezos were in the red, with losses of 0.64% and 0.19% respectively to buck the trend.

It was a bullish start to the day for the rest of the pack, with Binance Coin up by 1.99% to lead the way.

BTC/USD 06/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$9,020 levels to bring the first major resistance level at $9,255.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,186.5.

Barring an extended crypto rally, resistance at $9,200 would likely limit any upside on the day.

In the event of a breakout, expect the 38.2% FIB of $9,260 to come into play.

Failure to hold above $9,020 levels could see Bitcoin fall back into the red

A fall back through to sub-$9,000 levels would bring the first major support level at $8,857.43 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the sub-$8,800 levels on the day.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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