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The U.S Crypto Morning Session – June 9th, 2021

It’s been a choppy start for Bitcoin and the broader crypto market. Following a mixed session for the majors on Tuesday, it was another mixed start to the day for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was up by 2.28% to $34,165.0. A bearish start to the day saw Bitcoin fall to an early morning low $32,469.0 before making a move.

Steering clear of the first major support level at $31,634, Bitcoin rose to a late morning high $34,534.0.

Coming within range of the first major resistance level at $34,611, Bitcoin fell back to sub-$34,000 levels before finding support.

BTCUSD 090621 Hourly Chart

The Rest of the Pack

It’s been a mixed morning for the broader crypto market.

Through the morning, Bitcoin Cash SV and Crypto.com Coin were up by 4.42% and by 5.32% respectively to join Bitcoin in the green.

It’s been a bearish morning for the rest, however.

At the time of writing, Polkadot was down by 4.23% to lead the way down.

Cardano’s ADA (-2.43%) and Chainlink (-2.40%) also struggled, with Litecoin (-1.44%) and Ripple’s XRP (-1.50%) not far behind.

Binance Coin (-0.49%) and Ethereum (-0.73%) saw relatively modest losses through the morning, however.

Through the early hours, the crypto total market fell to an early morning low $1,435bn before rising to a high $1,542bn. At the time of writing, the total market cap stood at $1,507bn.

Bitcoin’s dominance fell to an early low 41.84% before rising to a high 42.55%. At the time of writing, Bitcoin’s dominance stood at 42.54%.

For the Day Ahead

Bitcoin would need to avoid a fall back through to sub-$34,000 levels and the $32,843 pivot to bring the first major resistance level at $34,611 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $34,534.0.

Barring an extended crypto rally, the first major resistance level and resistance at $35,000 would likely cap any upside.

In the event of an extended rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,820.

A fall back through to sub-$34,000 levels and the $32,843 pivot would bring the first major support level at $31,634 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 levels.

The second major support level sits at $29,866.

Looking beyond the support and resistance levels, the 50 EMA narrowed marginally on the 100 EMA and the 200 EMA early on. Going into the 2nd half of the day, however, there was no sign of an imminent bullish cross, leaving downside risk in play.