Everything you need to make sense of the crypto markets and beyond

By the CoinDesk Markets Team

Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets

June 3, 2021

Good morning. Here's what we're writing about:

Market Moves: Bitcoin Attempts Price Breakout, While Analysts See Limited Upside
Technician's Take:

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker at 9:00 a.m. U.S. Eastern time. Today the show will feature guests:

Jeremy Welch, Kraken Chief Product Officer
Aya Kantorovich, FalconX Head of Institutional Coverage
Michael Blu, LGND Co-Founder
Platon, Photographer

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Algorand (ALGO): +17.8%
Polkadot (DOT): +16.8%
NuCypher (NU): +12.5%
Filecoin (FIL): +11.0%
The Graph (GRT): +9.9%

Losers:

None of the assets in the CoinDesk 20 is down today.

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bitcoin Attempts Price Breakout, While Analysts See Limited Upside

Bitcoin is looking higher, having ping-ponged over a narrowing price range for the past few days. Despite signs of a breakout, some analysts remain cautious.

Bitcoin daily chart (Source: TradingView)

Bitcoin has risen 8% this week to trade above $38,500, according to CoinDesk 20 data.
Crypto funds are deploying newly subscribed capital, which seems to be pushing the cryptocurrency higher, according to Stack Funds' Co-Founder and COO Matthew Dibb.
"[Limited Partners] are buying the dip, and the new start date for capital deployment/allocation is generally the first day of month," Dibb told CoinDesk.
The rally appears to be a low-leverage, spot-driven move. Funding rates – the cost of holding long positions in the perpetual futures – remain close to zero, according to data provider Glassnode. A high funding rate is taken to represent excess leverage on the bullish side.
The daily chart shows the cryptocurrency has broken out of its two-week-long symmetrical triangle (congestion) pattern and further gains may be in the offing.
"Bitcoin is looking much better technically," Dibb said. "However, we would need to see a weekly close above the previous short-term high of $40,904 to regain confidence of a resumed uptrend." The weekly close is Sunday at UTC 23:59.
Pankaj Balani, co-founder and CEO of the Singapore-based Delta Exchange, expects recovery rallies to be short-lived.
"We expect selling to resume and large supply being offered above $45,000," Balani said.

Read the original story here:

Bitcoin Attempts Price Breakout, While Analysts See Limited Upside

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Bitcoin Stabilizes Within Range as Short-Term Trend Improves

Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.

Four-hour bitcoin chart shows short-term support and resistance levels with RSI. (Source: TradingView)

Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
On the daily chart, the relative strength index (RSI) is rising from oversold levels which could keep buyers active towards $42,000 resistance.
A decisive breakout above resistance would yield an upside target around $45,000.
Bitcoin was trading around $39,300 at press time and was up about 5% over the past 24-hours.

Read the original story here:

Bitcoin Stabilizes Within Range as Short-Term Trend Improves

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In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Tether Risks, Dogecoin Listing Bump, Bobby Lee on China News

"First Mover" dives into the latest crypto markets news and analysis, including a focus on tether. Harvard University Senior Fellow and former CFTC Chairman Timothy Massad discusses his thesis questioning the stability of the popular stablecoin. Also, Bobby Lee on the state of crypto affairs in China, and Michele Schneider of MarketGauge Group on what she's watching in the bitcoin, ether and other crypto markets.

Chia Project and Journalist Exchange Legal Barbs Over Trademark Issue
Chia is arguing that the unauthorized use of its trademark will mislead and confuse community members.
Angermayer, Novogratz Firm Eyeing $100M Investment in Crypto Funds
Cryptology Asset Group will look globally for promising blockchain and crypto-related businesses.
Apple Co-Founder Steve Wozniak Loses Case Against YouTube Involving Bitcoin Scam
A California superior court judge ruled that the social media giant was not responsible for its users' content.
UK Regulator FCA Extends Registration Deadline for Crypto Businesses
The Financial Conduct Authority is concerned about the high number of businesses not meeting its anti-money laundering standards.
European Union to Reveal Plans for Digital Wallet: Report
The wallet is expected to be operational in around a year's time, according to the report.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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