The Crypto Daily – Movers and Shakers – June 3rd, 2021

It’s a mixed start to the day for Bitcoin and the broader market. A Bitcoin move back through to $38,000 levels will be needed to avoid a day in the red.
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Bitcoin, BTC to USD, rose by 2.47% on Wednesday. Reversing a 1.63% fall from Tuesday, Bitcoin ended the day at $37,577.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $35,933.0 before making a move.

Steering clear of the first major support level at $35,592, Bitcoin rallied to a mid-afternoon intraday high $38,222.0.

Bitcoin broke through the first major resistance level at $37,821 before easing back to end the day at sub-$37,600 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 mixed day on Wednesday.

Chainlink slipped by 0.12% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Binance Coin jumped by 10.85% to lead the way.

Bitcoin Cash SV (+9.65%), Crypto.com Coin (+8.79%), and Polkadot (+10.80%) also made solid gains.

Cardano’s ADA (+1.01%), Ethereum (+2.74%), Litecoin (+2.33%), and Ripple’s XRP (+1.43%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,450bn before rising to a Wednesday high $1,716bn. At the time of writing, the total market cap stood at $1,656bn.

Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Wednesday low 41.72%. At the time of writing, Bitcoin’s dominance stood at 42.30%.

This Morning

At the time of writing, Bitcoin was down by 0.46% to $37,403.0. A mixed start to the day saw Bitcoin rise to an early morning high $37,879.0 before falling to a low $37,368.9.

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

Elsewhere, it was a mixed start to the day.

Polkadot bucked the trend early on, rising by 0.66%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 1.38% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the pivot level at $37,244 to bring the first major resistance level at $38,555 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $38,222.0.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high 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 $39,533.

A fall through the pivot at $37,244 would bring the first major support level at $36,266 into play.

Barring another extended sell-off on the day, Bitcoin should continue to steer clear of sub-$35,000 levels. The second major support level sits at $34,955.

 

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