The Crypto Daily – Movers and Shakers – June 7th, 2021It’s a bullish start to the week for the broader market. A Bitcoin move back through to $36,500 levels would support further upside for the crypto market.
Bitcoin, BTC to USD, rose by 0.67% on Sunday. Partially reversing a 3.55% fall from Saturday, Bitcoin ended the week up by 0.47% to $35,780.0.
A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $36,475.0.
Falling short of the first major resistance level at $37,365, Bitcoin fell to a late intraday low $35,218.0.
Steering clear of the first major support level at $34,264, Bitcoin found support to end the day at $35,780 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 bullish day on Sunday.
It was also a bullish week ending 6th June for the majors.
Binance Coin rallied by 20.82% to lead the way, with Crypto.com Coin (+10.28%), Ethereum (+13.54%) and Polkadot (+17.59%) also making solid gains.
Bitcoin Cash SV (+4.87%), Cardano’s ADA (+6.32%), and Ripple’s XRP (+4.51%) also found relatively strong support.
Chainlink (+2.63%) and Litecoin (+3.32%) trailed the front runners, however.
In the week, the crypto total market fell to a Monday low $1,449bn before rising to a Thursday high $1,772bn. At the time of writing, the total market cap stood at $1,627bn.
Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Sunday low 41.70%. At the time of writing, Bitcoin’s dominance stood at 41.79%.
At the time of writing, Bitcoin was up by 1.48% to $36,308.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,487.0 before rising to a high $36,374,0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot was down by 0.50% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 2.40% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $35,824 pivot to bring the first major resistance level at $36,431 into play.
Support from the broader market would be needed for Bitcoin to break back through to $36,400 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $36,475.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $38,000. The second major resistance level sits at $37,081.
Failure to avoid a fall back through the $35,824 pivot would bring the first major support level at $35,174 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$34,000. The second major support level at $34,567 should limit the downside.