The U.S Crypto Morning Session – June 2nd, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. Following Tuesday’s pullback, the majors slid to early lows before finding support.

At the time of writing, Bitcoin, BTC to USD, was up by 1.51% to $37,226.8. Through the early hours, UTC, Bitcoin slid to an early morning current day low $35,933.0 before finding support.

Steering clear of the first major support level at $35,592, Bitcoin rose to a late morning intraday high $37,516.0.

In spite of the morning rebound, however, Bitcoin came up short of the first major resistance level at $37,821.

The Rest of the Pack

At the time of writing, Chainlink was down by 0.55% to buck the trend this morning.

It’s been a bullish morning for the rest of the majors, however.

Binance Coin was up by 5.74% to lead the way, with Bitcoin Cash SV (+4.18%), Coin (+4.89%), and Polkadot (+3.98%) also finding strong support.

Cardano’s ADA (+1.93%), Ethereum (+2.46%), Litecoin (+0.79%), and Ripple’s XRP (+0.43%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,575bn before rising to a high $1,655bn. At the time of writing, the total market cap stood at $1,645bn.

Bitcoin’s dominance rose to an early high 42.74% before falling to a low 42.39%. At the time of writing, Bitcoin’s dominance stood at 42.37%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the $36,740 to support another run at the first major resistance level at $37,821.

Support from the broader market would be needed, however, for Bitcoin to break out from $37,500 levels.

Barring an extended rally through the afternoon, resistance at $38,000 would likely continue to limit the upside.

A break through the first major resistance level, however, would bring resistance at $40,000 into play. The second major resistance level sits at $38,969.

Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 100 EMA. The bullish cross and a narrowing of the 50 EMA on the 200 supported the rebound this morning.

A fall back through the $36,740 pivot would bring the first major support level at $35,592 back into play.

Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,511.

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