The Crypto Daily – Movers and Shakers – June 6th, 2021It’s a bearish start to the day for the majors. A Bitcoin move back through to $37,000 levels would provide the broader market with support.
Bitcoin, BTC to USD, fell by 3.55% on Saturday. Following a 6.07% slide on Friday, Bitcoin ended the day at $35,535.0.
A mixed start to the day saw Bitcoin rise to late morning intraday high $37,924.0 before hitting reverse.
Falling short of the first major resistance level at $38,884, Bitcoin slid to a late intraday low $34,822.6.
The extended sell-off saw Bitcoin fall through the first major support level at $35,195.
Finding late support, however, Bitcoin broke back through the first major support level to end the day at $35,500 levels.
The near-term bullish trend remained intact in spite of the fall back through to $35,000 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 Saturday.
Bitcoin Cash SV bucked the trend, rising by 1.11%.
It was a bearish day for the rest of the majors, however.
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 $1,582.
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 42.01%.
At the time of writing, Bitcoin was down by 0.16% to $35,477.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,642.0 before falling to a low $35,461.0.
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, Crypto.com Coin was down by 2.62% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $36,094 pivot to bring the first major resistance level at $37,365 into play.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $37,924.0 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 $39,195.
Failure to move through the $36,094 pivot would bring the first major support level at $34,264 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000. The second major support level at $32,993 should limit the downside.