The Crypto Daily – Movers and Shakers -06/05/20It’s a bearish start to the day for the pack. Bitcoin would need to move back through to $8,970 levels to support the broader market.
Bitcoin rose by 1.72% on Tuesday. Reversing a 0.40% decline from Monday, Bitcoin ended the day at $9,020.1. It was the first time Bitcoin held onto $9,000 levels since 6th March.
A mixed start to the day saw Bitcoin rally to a mid-morning intraday high $9,124.8 before hitting reverse.
Bitcoin broke through the first major resistance level at $9,046.07 before sliding to a late morning intraday low $8,758.6.
Steering clear of the first major support level at $8,601.27, rebounded through the afternoon to wrap up the day at $9,000 levels.
In spite of the rebound, Bitcoin failed to break back through the first major resistance level.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day for the pack on Tuesday.
Bitcoin Cash SV joined Bitcoin in the green, with a 1.86% gain, while Cardano’s ADA and EOS ended the day flat.
It was a bearish day for the rest of the majors, with Tron’s TRX sliding by 2.56% to lead the way.
Litecoin (-1.04%), Monero’s XMR (-1.24%), Stellar’s Lumen (-1.89%), and Tezos (-1.12%) weren’t far behind.
Binance Coin (-0.76%), Bitcoin Cash ABC (-0.76%), Ethereum (-0.77%), and Ripple’s XRP (-0.55%) saw relatively modest losses.
Through the start of the week, the crypto total market cap rose from a Monday low $240.56bn to a Tuesday high $252.06bn. At the time of writing, the total market cap stood at $248.97bn.
While Bitcoin’s dominance held onto 65% levels following Monday’s modest loss, Tuesday’s trend-bucking move delivered 66% levels. At the time of writing, Bitcoin’s dominance stood at 66.2%.
24-hour trading volumes rose to a Monday high $164.25bn before easing back to a Tuesday current week low $145.07. At the time of writing, 24-hr volumes stood at $146.60bn.
At the time of writing, Bitcoin was down by 0.67% to $8,959.4. A bearish start to the day saw Bitcoin fall from an early morning high $9,036.0 to a low $8.913.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day for the rest of the majors.
Bitcoin Cash SV and Monero’s XMR led the way down, with losses of 1.11% and 1.03% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,970 levels to bring the first major resistance level at $9,177.07 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,124.8.
Barring a broad-based crypto rebound, resistance at $9,100 would likely leave Bitcoin short of the first major resistance level.
In the event of another breakout, the second major resistance level at $9,334.03 could come into play.
Failure to move through to $8,970 levels could see Bitcoin fall deeper into the red.
A fall through the morning low $8,913.6 would bring the first major support level at $8,810.87 into play before any recovery.
Barring a crypto meltdown, however, Bitcoin should well clear of the second major support level at $8,601.63.