The Crypto Daily – Movers and Shakers – May 30th, 2021It’s a bearish start to the day for Bitcoin and the broader crypto market. A Bitcoin move back through to $36,000 levels would be needed to support the pack.
Bitcoin, BTC to USD, fell by 3.05% on Saturday. Following a 7.46% slide from Friday, Bitcoin ended the day at $34,574.0.
A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $37,381.0 before hitting reverse.
Falling short of the first major resistance level at $38,126, Bitcoin slid to a late afternoon intraday low $33,617.0.
The extended sell-off saw Bitcoin fall through the first major support level at $33,958 before briefly revisiting $35,000 levels.
A bearish end to the day, however, left Bitcoin at sub-$35,000 levels.
The near-term bullish trend remained intact in spite of the recent slide back to sub-$30,000 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 bearish day on Saturday.
Chainlink slid by 8.98% to lead the way down.
Bitcoin Cash SV (-0.14%) and Polkadot (-4.05%) saw relatively modest losses on the day.
In the current week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,787bn. At the time of writing, the total market cap stood at $1,444bn.
Bitcoin’s dominance rose to a Monday high 47.06% before falling to a Thursday low 42.67%. At the time of writing, Bitcoin’s dominance stood at 44.39%.
At the time of writing, Bitcoin was down by 1.12% to 36,500.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,089.0 before falling to a low $36,485.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Chainlink was down by 2.48% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $35,191 to bring the first major resistance level at $36,764 into play.
Support from the broader market would be needed for Bitcoin to break out from $35,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $37,381.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 levels. The second major resistance level sits at $38,955.
Failure to move through the pivot at $35,191 would bring the first major support level at $33,000 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,427 should limit the downside.