The U.S Crypto Morning Session – June 7th, 2021


It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, Bitcoin and the majors got a solid kickstart through the early hours.

At the time of writing, Bitcoin, BTC to USD, was up by 1.87% to $36,450.1. A mixed start to the day saw Bitcoin fall to an early morning low $35,487.0 before making a move.

Steering clear of the first major support level at $35,174, Bitcoin rose to an early morning high $36,784.0.

Bitcoin broke through the first major support level at $36,341 before a pullback to sub-$36,000 levels.

In the late morning, however, Bitcoin broke back through the first major resistance level to revisit to $36,500 levels.

The Rest of the Pack

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

Through the morning, Ethereum and Crypto.com Coin were up by 3.74% and by 3.48% respectively to lead the way.

Cardano’s ADA (+2.97%), Chainlink (+2.80%), and Litecoin (+2.59%) also found relatively strong support.

Binance Coin (+1.74%) and Ripple’s XRP (+1.52%) trailed the front runners, with Bitcoin Cash SV (+0.11%) and Polkadot (+0.96%) seeing modest gains early on.

Through the early hours, the crypto total market fell to an early morning low $1,590bn before Rising to a high $1,665bn. At the time of writing, the total market cap stood at $1,642bn.

Bitcoin’s dominance rose to an early high 41.84% before falling to a low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.58%.

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level to support another run at the second major resistance level at $37,081.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $36,784.0.

Barring an extended crypto rally, the second major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could test resistance at $39,000 before any pullback. The third major resistance level sits at $38,338.

Looking beyond the support and resistance levels, the 50 EMA narrowed 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 Bitcoin at risk of a reversal.

A fall back through the first major resistance level at $36,431 and $35,824 pivot would bring the first major support level at $35,174 into play.

Barring an extended rally through the afternoon, Bitcoin should steer clear of sub-$35,000 levels, however.

The second major support level sits at $34,567.



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