The Crypto Daily – Movers and Shakers – June 1st, 2021

It’s a bullish start to the day for the majors. A Bitcoin move through to $39,000 levels would support another breakout day for the broader market.
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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Bitcoin, BTC to USD, rose by 4.69% on Monday. Following a 2.97% gain on Sunday, Bitcoin ended the month down by 35.31% to $37,280.0.

A bearish start to the day saw Bitcoin slide to mid-morning intraday low $34,160 before making a move.

Steering clear of the first major support level at $33,848, Bitcoin rallied to a late intraday high $37,533.0.

Bitcoin broke through the first major resistance level at $36,900 to end the day at $37,200 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 start to the week.

Chainlink surged by 19.76% to lead the way, with and Ripple’s XRP jumping by 15.12%.

Binance Coin (+8.58%), Cardano’s ADA (+10.27%), Crypto.com Coin (+11.80%), Ethereum (+13.38%), and Litecoin (+10.21%), and Polkadot (+8.74%) also found strong support.

Bitcoin Cash SV (+3.52%) trailed the front runners, however.

It was a mixed month for the majors, however.

Cardano’s ADA jumped by 28.40% to buck the trend in May.

It was a bearish month for the rest of the majors.

Binance Coin and Bitcoin Cash SV slid by 43.25% and by 41.03% to lead the way down.

Chainlink (-15.87%), Crypto.com Coin (-36.17%), Litecoin (-30.76%), and Ripple’s XRP (-34.94%) also saw heavy losses.

Ethereum (-2.50%) and Polkadot (-1.29%) saw relatively modest losses in the month.

Early in the week, the crypto total market fell to a Monday low $1,416bn before rising to a Tuesday high $1,659bn. At the time of writing, the total market cap stood at $1,646bn.

Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Monday low 42.63%. At the time of writing, Bitcoin’s dominance stood at 42.84%.

This Morning

At the time of writing, Bitcoin was up by 0.94% to $37,630.0. A mixed start to the day saw Bitcoin fall to an early morning low $37,129.0 before rising to a high $37,750.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (-0.41%) and Polkadot (-1.21%) saw red 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 4.35% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the pivot level at $36,324 to bring the first major resistance level at $38,489 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $37,533.0.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $39,697.

Failure to avoid the pivot at $36,324 would bring the first major support level at $35,116 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $32,951.

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