The Crypto Daily – Movers and Shakers – June 5th, 2021

By:

Updated: Jun 5, 2021, 01:25 UTC

It's a bullish start to the day for Bitcoin and the broader market. A move back through to $38,000 levels would support a recovery of Friday's losses.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

The Rest of the Pack

Across the rest of the majors, it was also a bearish day on Friday.

Bitcoin Cash SV and Chainlink slid by 9.32% and by 10.43% to lead the way down.

Binance Coin (-8.72%), Cardano’s ADA (-7.33%), Crypto.com Coin (-7.06%), Litecoin (-7.71%), and Ripple’s XRP (-7.09%) also struggled.

Ethereum (-5.81%) and Polkadot (-1.23%) saw relatively modest losses on the day.

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 $1,667.

Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Thursday low 41.68%. At the time of writing, Bitcoin’s dominance stood at 42.25%.

This Morning

At the time of writing, Bitcoin was up by 1.95% to $37,563.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,617.0 before rising to a high $37,598.0.

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

Elsewhere, it was also a bullish start to the day.

At the time of writing, Binance Coin was up by 3.77% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $37,235 pivot to bring the first major resistance level at $38,884 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 Friday’s high $39,275.0 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 $40,924.

A fall back through the $37,235 pivot would bring the first major support level at $35,195 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $33,546.

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.