The Crypto Daily – The Movers and Shakers – May 31st, 2021It’s a mixed start to the day for Bitcoin and the majors. A Bitcoin move back through to $36,000 levels would support the broader market.
Bitcoin, BTC to USD, rose by 2.97% on Sunday. Reversing a 3.05% decline on Saturday, Bitcoin ended the week up by 3.01% to $35,614.0.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $33,367 before making a move.
Steering clear of the first major support level at $33,000, Bitcoin rose to a mid-day intraday high $36,419.0.
Falling short of the first major resistance level at $36,764, Bitcoin fell back to sub-$35,100 levels before finding support.
Bitcoin briefly revisited $36,200 levels before ending the day at $35,600 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 bullish day on Sunday.
It was a bullish week for the majors, however.
Chainlink surged by 33.54% to lead the way, with Binance Coin (+24.78%), Cardano’s ADA (+19.95%), and Litecoin (+19.62%) also making solid gains.
Bitcoin Cash SV (+16.79%), Crypto.com Coin (+17.17%), Ethereum (+13.72%), Polkadot (+11.26%), and Ripple’s XRP (+14.14%) trailed the front runners, however.
In the week, the crypto total market fell to a Monday low $1,369bn before rising to a Wednesday high $1,786bn. At the time of writing, the total market cap stood at $1,504bn.
Bitcoin’s dominance rose to a Monday high 47.07% before falling to a Thursday low 42.68%. At the time of writing, Bitcoin’s dominance stood at 43.96%.
At the time of writing, Bitcoin was down by 1.09% to $35,226.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,959.0 before falling to a low $35,201.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (+0.63%), Polkadot (+0.67%), and Ripple’s XRP (+1.38%) bucked the trend with early gains.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 1.48% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the pivot level at $35,133 to bring the first major resistance level at $36,900 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $36,419.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $37,000 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 $38,185.
Failure to avoid the pivot at $35,133 would bring the first major support level at $33,848 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $32,081.