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The Crypto Daily – Movers and Shakers – June 7th, 2021

 

Bitcoin, BTC to USD, rose by 0.67% on Sunday. Partially reversing a 3.55% fall from Saturday, Bitcoin ended the week up by 0.47% to $35,780.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $36,475.0.

Falling short of the first major resistance level at $37,365, Bitcoin fell to a late intraday low $35,218.0.

Steering clear of the first major support level at $34,264, Bitcoin found support to end the day at $35,780 levels.

The near-term bullish trend remained intact in spite of the fall back through to $35,000 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.

Ethereum rose by 3.09% to lead the way, with Bitcoin Cash SV (+ 2.37%) and Ripple’s XRP (+2.56%) close behind.

Binance Coin (+0.89%), Cardano’s ADA (+1.20%), Chainlink (+1.54%), Crypto.com Coin (-1.15%), Litecoin (+1.91%), Polkadot (+0.89%) saw relatively modest gains on the day.

It was also a bullish week ending 6th June for the majors.

Binance Coin rallied by 20.82% to lead the way, with Crypto.com Coin (+10.28%), Ethereum (+13.54%) and Polkadot (+17.59%) also making solid gains.

Bitcoin Cash SV (+4.87%), Cardano’s ADA (+6.32%), and Ripple’s XRP (+4.51%) also found relatively strong support.

Chainlink (+2.63%) and Litecoin (+3.32%) trailed the front runners, however.

In the week, the crypto total market fell to a Monday low $1,449bn before rising to a Thursday high $1,772bn. At the time of writing, the total market cap stood at $1,627bn.

Bitcoin’s dominance rose to a Monday high 44.17% before falling to a Sunday low 41.70%. At the time of writing, Bitcoin’s dominance stood at 41.79%.

This Morning

At the time of writing, Bitcoin was up by 1.48% to $36,308.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,487.0 before rising to a high $36,374,0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.50% 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 2.40% to lead the way.

BTCUSD 070621 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $35,824 pivot to bring the first major resistance level at $36,431 into play.

Support from the broader market would be needed for Bitcoin to break back through to $36,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $36,475.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $38,000. The second major resistance level sits at $37,081.

Failure to avoid a fall back through the $35,824 pivot would bring the first major support level at $35,174 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$34,000. The second major support level at $34,567 should limit the downside.