Advertisement
Advertisement

The Crypto Daily – Movers and Shakers – June 2nd, 2021

By:
Bob Mason
Published: Jun 2, 2021, 00:38 UTC

It's a mixed start to the day for Bitcoin and the broader crypto market. A Bitcoin move back through to $38,000 levels would deliver support.

Ethereum Crypto Currency Market

In this article:

Bitcoin, BTC to USD, fell by 1.63% on Tuesday. Partially reversing a 4.69% gain from Monday, Bitcoin ended the day at $36,673.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $37,888.0 before hitting reverse.

Falling short of the first major resistance level at $38,489, Bitcoin slid to an early afternoon intraday low $35,659.0.

Steering clear of the first major support level at $35,116, Bitcoin revisited $37,200 levels before falling back into the red.

The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin rose by 2.38% to buck the trend on the day.

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

Chainlink slid by 4.36% to lead the way down.

Bitcoin Cash SV (-3.82%), Crypto.com Coin (-3.60%), Ethereum (-2.71%), and Litecoin (-2.70%), and Ripple’s XRP (-2.91%) also struggled.

Cardano’s ADA (-0.15%), and Polkadot (-0.37%) saw modest losses on the day, however.

In the current week, the crypto total market fell to a Monday low $1,451bn before rising to a Tuesday high $1,681bn. At the time of writing, the total market cap stood at $1,591bn.

Bitcoin’s dominance rose to a Monday high 44.12% before falling to a Tuesday low 42.23%. At the time of writing, Bitcoin’s dominance stood at 42.67%.

This Morning

At the time of writing, Bitcoin was down by 1.16% to $36,247.0. A mixed start to the day saw Bitcoin rise to an early morning high $36,888.0 before falling to a low $36,233.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.06%), Crypto.com Coin (+0.91%), and Polkadot (0.86%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 1.80% to lead the way down.

BTCUSD 020621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $36,740 to bring the first major resistance level at $37,821 into play.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $37,888.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000. The second major resistance level sits at $38,969.

Failure to move back through the pivot at $36,740 would bring the first major support level at $35,592 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,511.

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.

Did you find this article useful?

Advertisement