Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

April 30, 2021
As we head into another potentially volatile weekend trading session, the mood has shifted. Last week it was fear, this week it's FOMO. Should Bitcoin break higher through $56,600, then the rally to $60,000 is on. This is no small task: $56,600 is likely to be the key area for short-term profit taking for those who braved the dip.

There is an even bigger task at hand for the bulls, aside from absorbing any bulls-turned-profit-takers.

Today marks the end of the month, and the monthly Bitcoin chart below shows that failure to finish the day above $58,800 will see Bitcoin print its first down month since November 2020.

It is not the end of the world: Given the last 6 months' performance, but if the bulls can muster one final push today, the downward pressure on BTC may subside.

This may be helped by today's largest USDC mint in history: Some $3B of stablecoins arriving at the moment Bitcoin prints its lowest reading of dominance in the last 2 and a half years may just be a coincidence—that or someone is about to pick Bitcoin up from its sleep and awaken the beast...

Technical Analysis 

The $53,130 level held firm today, and after hovering around $54,240 for much of the morning, Bitcoin headed north toward the next big level of resistance at $56,600. This area is likely to prove tricky to pass, but with the weekend trading session approaching, anything is possible. A break higher will see Bitcoin target $58,820, ahead of another attempt to pass $60,000.

Should $56,600 cap the gains, then I expect a retracement back to the $54,200 level as BTC settles into a trading range. A break below $54,240 will see $53,130 tested once again, but given today's price action, I would expect to see this area very well supported.

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