The Crypto Daily – Movers and Shakers – June 8th, 2021

It’s a mixed start to the day for the majors. A Bitcoin move back through to $35,000 levels would support the broader market.
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Bitcoin, BTC to USD, slid by 6.17% on Monday. Reversing a modest 0.67% gain from Sunday, Bitcoin ended the day at $33,572.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $36,784.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $36,431 and the second major resistance level at $37,081.

The reversal saw Bitcoin slide through the first major support level at $35,174 and the second major support level at $34,567 to a late intraday low $33,550.0.

Coming within range of the third major support level at $33,310, Bitcoin briefly revisited $34,000 levels before easing back.

The near-term bullish trend remained intact in spite of the latest fall back through to sub-$34,000 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 Monday.

Crypto.com Coin rose by 2.76% to buck the trend on the day.

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

Chainlink slid by 10.64% to lead the way down. Binance Coin (-9.06%), Litecoin (-8.16%), and Ripple’s XRP (-8.77%) also saw deep red.

Bitcoin Cash SV (-7.14%), Cardano’s ADA (-6.62%), Ethereum (-4.37%), and Polkadot (-4.32%) also struggled, however

Early in the week, the crypto total market rose to a Monday high $1,656bn before falling to a Monday low $1,490bn. At the time of writing, the total market cap stood at $1,502bn.

Bitcoin’s dominance fell to a Monday low 41.28% before rising to a Monday high 41.95%. At the time of writing, Bitcoin’s dominance stood at 41.76%.

This Morning

At the time of writing, Bitcoin was up by 0.02% to $33,579.4. A mixed start to the day saw Bitcoin fall to an early morning low $33,461.2 before rising to a high $34,052.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.57%) and Litecoin (+0.07%) bucked the trend early on to join Bitcoin in the green.

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

At the time of writing, Crypto.com Coin was down by 9.15% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $34,635 pivot to bring the first major resistance level at $35,721 into play.

Support from the broader market would be needed for Bitcoin to break back through to $36,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $36,784.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $37,869 and resistance at $38,000.

Failure to move through the $34,635 pivot would bring the first major support level at $32,487 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$30,000. The second major support level at $31,401 should limit the downside.

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