Daily Bitcoin and Crypto Analysis

Bitcoin has traded slightly lower today, registering a drop of 2%. The 200d moving average at $45,961 is sitting just below the upward trend line at $46,500. This would be the area we would expect buying interest to prevent further declines. Should we not reach that far before returning to $50,000, then we can assume the rally is back on.

Bitcoin is largely unchanged today, as the first attempt to jump past $50,000 hit headwinds. This was to be expected, and now the real question is: will nervous longs feel the need to sell Bitcoin should the market move back down towards $47,500?

The enthusiasm I talked about yesterday seems to remain for now. In traditional markets, after US regulators granted full approval for the Pfizer vaccine, investors continued the risk buying spree they were on.

Bitcoin has ended the weekly exactly where it was a week ago, testing $48,000. Any fears that this rally was about to fade and die have been squashed with a little help from Coinbase.

Well, I couldn't start today's report before listening to the great debate: Bitcoin vs Gold, Scaramucci vs Schiff, just in case Peter changed my mind and had me selling my sats for trinkets.

Bitcoin touched the trend-line support today, and with ETH breaking below its respective level, the market is entering a critical 24 hours of price discovery.

Investors, now addicted to the support from the Fed, continued to sell risk assets as the Fed minutes hinted at possibly reducing their bond purchase program, which would then allow rates to rise further.

Bitcoin is flat on the day, with prices sitting on the 200 day moving average once again. The upward trend line rests around our key $44,000 level, which is setting us up for the moment of truth: either a bear market bounce, or the start of something even more beautiful.

In my last briefing, I mentioned that things felt supported across traditional markets. As a sober reminder that things can change quickly, investors turned risk-off yesterday.

Bitcoin's rally on Friday took us to the next resistance level of $47,500. We have seen some profit-taking, which, given the recent $29,000 print, is to be expected and can hardly be deemed irrational.