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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

April 28, 2021
Bitcoin remained in a holding pattern today: Support provided just enough cover for prices to track sideways, and Bitcoin gave off the feeling of an animal nursing an injury—namely a bird with a broken wing, unable to fly.

Today's statement from the Fed will be eagerly watched. For me, it's unthinkable that the message will deviate from 'Rates are low and are staying low, and we have plenty more ammo to fight anyone who dares sell their stocks.' Rising asset prices are the key driver of confidence that is preparing the world to 'come back stronger.' The Fed will not remove the punch-bowl until way, way after inflation is above target.

My favorite story from today was courtesy of the self-proclaimed doge father: Apparently, Tesla sold 10% of their Bitcoin holdings, "to demonstrate the token's liquidity." Yep, it was definitely that... and not the $100M in profit.

Having looked through all the usual on-chain data points, I can confirm not much is happening. It feels like Bitcoin may just go into another protracted holding period.

The only meaningful data point to suggest otherwise is we had the 'second highest deposit of Tether to exchanges' day this year late last week.

$2.3B was sent on Friday: and that's a lot of dry powder to be sitting around, not earning a return.

It's also some serious commitment to buying the dip.

Technical Analysis

Bitcoin bounced along its first support level of $54,250 today, as the intermittent rallies failed in their attempts to challenge resistance at $56,600. The bulls will have to do better tomorrow, or else Bitcoin will break lower and approach the $53,130 support level with uncertainty in the minds of the bulls who have just re-entered.

Below $53,130, there is very little to stop prices from moving quickly to $50,225. If the bulls fail to turn out in force, then a retest of the recent lows at $47,515 awaits.

On the upside, if the market remains above $54,250, confidence will build and the first real challenge of resistance at $56,600 will commence. It's likely to be hard work the first time around, so I would expect Bitcoin to continue trading in a $54,250/$56,600 range.

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