The Crypto Daily – Movers and Shakers – June 4th, 2021It’s a bearish start to the day for Bitcoin and the broader market. A Bitcoin move through to $40,000, however, would support a broad-based crypto rally.
Bitcoin, BTC to USD, rose by 4.37% on Thursday. Following a 2.47% gain on Wednesday, Bitcoin ended the day at $39,226.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $37,190.0 before making a move.
Steering clear of the first major support level at $36,266, Bitcoin rallied to a late morning intraday high $39,482.0.
Bitcoin broke through the first major resistance level at $38,555 and the second major resistance level at $39,533.
A late morning pullback, however, saw Bitcoin fall back through the major resistance levels before finding late support.
Late in the day, Bitcoin broke back through the first major resistance level to wrap up the day at $39,000 levels.
The near-term bullish trend remained intact supported by the latest move back through to $39,000 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 Thursday.
Polkadot bucked the trend, falling by 0.25%.
It was a bullish day for the rest of the majors, however.
Binance Coin led the way once more, rallying by 6.64%.
In the current week, the crypto total market fell to a Monday low $1,450bn before rising to a Thursday high $1,774bn. At the time of writing, the total market cap stood at $1,718bn.
Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Thursday low 41.69%. At the time of writing, Bitcoin’s dominance stood at 42.25%.
At the time of writing, Bitcoin was down by 1.18% to $38,761.4. A mixed start to the day saw Bitcoin rise to an early morning high $39,275.0 before falling to a low $38,686.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
At the time of writing, Ethereum was down by 1.52% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $38,629 pivot to bring the first major resistance level at $40,079 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $39,482.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $40,932.
A fall through the $38,629 pivot would bring the first major support level at $37,776 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $36,326.