The Crypto Daily – Movers and Shakers – June 6th, 2021

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Updated: Jun 6, 2021, 00:33 UTC

It'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.

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.

Chainlink and Ripple’s XRP slid by 6.02% and by 5.02% to lead the way down.

Cardano’s ADA (-3.08%), Ethereum (-2.28%), and Litecoin (-3.14%) also struggled.

Binance Coin (-0.16%), Crypto.com Coin (-0.41%), and Polkadot (-1.45%) 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 $1,582.

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%.

This Morning

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.

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.