Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

May 5, 2021
Another day of two halves saw Bitcoin start the day testing support at $53,130, found dip buyers laying in wait, and then marched on toward resistance at $58,800.

It's certainly not for the faint-hearted. A friend of the desk commented, "I've never seen a product that feels so heavy at its lows, and buoyant at its highs," and I totally agree.

Thankfully, I've been around the block a few times (pun intended) and prefer to look at the market gyrations from as far away from my screen as possible!—about 6ft.

I also like to forget the charts and actually have a look at what is happening from the data provided by the blockchain.

Exchange balances are slowly moving north again, indicating more coins are in a position to be sold.

Net flows to exchanges are holding a positive reading for the longest period of time since November 2020.

The number of active addresses is back on the rise.

...While the number of new addresses is falling.

The pictures above could be woven to tell a bearish story. Hodlers are starting to send coins to exchanges (addresses that haven't been active are included in that number) and Bitcoin is failing to keep pace with its recent growth rates.

Given the boom in alts, this isn't surprising; however, Bitcoin is rallying once again and the next test of resistance at $58,880 is going to be a telling moment.

Technical Analysis

The $53,130 level was tested and once again strongly defended by the bulls in the early hours of today. Since then, Bitcoin has been in one-way traffic.

Having held around the $54,200 level for much of the morning, Bitcoin advanced past $56,600 and is considering another test of $58,820.

The range is seeing wide moves from support to resistance, and as such, it's likely that sellers arrive at $58,820 to take short-term profits. $56,600 will become the pivot, with support at $54,200 needing to provide cover from the big support level of $53,130.

Above $58,820, the sky opens up for a push back north of $60,000 and a test of $61,700.

Market Data

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