Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

May 6, 2021
Bitcoin has that Friday feeling. We are within touching distance of setting up a bullish weekend trading session, and with today's higher low, we just need a higher high to tilt the balance and set the tone.

When Bitcoin trades back above $60,000, expect momentum to kick-in as those who have failed to re-enter positions receive an enormous dose of FOMO.

We saw a small rotation from alts into BTC today, and should profit-taking occur, BTC is likely to be the winner, as capital is redeployed back to the No.1 crypto. With the Bitcoin dominance index touching yearly lows again, we will watch closely to see if the moves we have seen over the last 2 weeks in ETH, BCH, and co., begin to run out of steam.

Michael Saylor took to Twitter today, fielding off suggestions that Bitcoin had become the 'MySpace' of crypto. My favorite comment was someone kindly informing MicroStrategy's CEO that he should have bought DOGE.

Which, strangely (even for crypto), leads us to this weekend's main event: Elon Musk promising to discover just how live SNL really is. This will no doubt involve Musk tweeting a reference to crypto's favorite meme coin, DOGE, live on air, given Musk's final words to reporters today: "Don't take too much risk on crypto." I can't help but imagine the carnage that will ensue if crypto's favorite Bitcoin-owning CEO tweets:

"I don't own any DOGE."

As always, be ready to buy the dip... Just not in DOGE....

Have a great weekend!

Technical Analysis

Bitcoin has moved higher this afternoon, pushing towards yesterday's high of $58,400. There might be an attempt to push through resistance at $58,800.

We have seen a higher low today, which coupled with a push above $58,400, will set Bitcoin up for an interesting (read bullish) weekend trading session.

Above $58,800 opens the way for a return to Bitcoin with a $60,000 handle, the key resistance level at $61,700 will be all that stands in the way from another new all-time high.

On the downside, failure to print above $58,400 today will likely see Bitcoin move back towards support at $55,500 and $54,200. Only a break of $53,130 will dent the bulls' aspirations of "another month, another new all-time high."

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