First Mover: Upside Elusive for Bitcoin as Yellen Says Fed Rate Hike a ‘Plus’
  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 7, 2021 Sponsored by  (Price data as of June 7 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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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:
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers:
Losers:
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.
Market Moves by Omkar Godbole  Upside Elusive for Bitcoin as Yellen Says Fed Rate Hike a 'Plus' Bitcoin struggled to gather upside traction as U.S. Treasury Secretary Janet Yellen kept the market from cheering El Salvador's plans to adopt the leading cryptocurrency as legal tender.
In a taped announcement on Saturday, El Salvador President Nayib Bukele said he plans to submit legislation that will make bitcoin (BTC) legal tender. The announcement lifted sentiment, with some calling a potential adoption at the government level a major bullish development.
However, the cryptocurrency remains locked well within Saturday's trading range of $34,900 to $37,900. At press time, bitcoin is changing hands near $36,200 according to the CoinDesk Bitcoin Price Index, up 1% on the day.  Bitcoin prices, June 6 - 7, 2021 (Source: CoinDesk) China's regulatory crackdown and U.S. Treasury Secretary Janet Yellen's latest comments on interest rates could be capping the gain.
On Sunday, Yellen told Bloomberg that President Joe Biden's $4 trillion spending proposal would be positive for the country, even if it leads to a rise in interest rates. "If we ended up with a slightly higher interest-rate environment, it would actually be a plus for society's point of view and the Federal Reserve's point of view," Yellen said.
A rate increase dilutes the appeal of perceived inflation hedges such as bitcoin and gold.
China stepped up its crackdown on bitcoin trading and mining over the weekend, blocking many cryptocurrency "key opinion leaders" on Weibo. The move comes weeks after China reiterated its long-standing ban on cryptocurrency trading and mining, sending the price of bitcoin lower. Read the original story here: Upside Elusive for Bitcoin as Yellen Says Fed Rate Hike a 'Plus'
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Technician's Take by Damanick Dantes, CMT Bitcoin Struggles Below $40K; Upside Limited as Trend Weakens Bitcoin (BTC) failed to sustain moves above $39,000 last week which was followed by a series of lower price highs. There is strong resistance around $37,600 which could limit upside this week.
At press time, the largest cryptocurrency was changing hands around $36,500.
While the long-term uptrend remains intact, slowing momentum and tighter trading ranges are keeping buyers on the sideline. 
Hourly bitcoin chart shows short-term support and resistance levels with RSI (Source: TradingView)
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Crypto Community, Industry Leaders Respond to Musk 'Broken Heart' Bitcoin Tweet, Market Drop Elon Musk does it again, sending crypto markets moving with a single tweet. This time it was a broken heart emoji that knocked bitcoin down, and other crypto prices followed suit. Joining the show with their reactions to the "Musk effect" and to discuss other markets and industry news are Ray Youssef of Paxful, Jeffrey Wang of Amber Group and Kathleen Breitman of Tezos.
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