The Crypto Daily – Movers and Shakers – June 7th, 2021

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Published: Jun 7, 2021, 01:03 UTC

It'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.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday.

Ethereum rose by 3.09% to lead the way, with Bitcoin Cash SV (+ 2.37%) and Ripple’s XRP (+2.56%) close behind.

Binance Coin (+0.89%), Cardano’s ADA (+1.20%), Chainlink (+1.54%), Crypto.com Coin (-1.15%), Litecoin (+1.91%), Polkadot (+0.89%) saw relatively modest gains on the day.

It was also a bullish week ending 6^th 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%.

This Morning

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.

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.