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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

May 10, 2021
Bitcoin has bounced along between support and resistance again today, with the continued battle of the bulls and bears proving a stalemate. In fact, all the action today has been in one place: Twitter.

It seems celebs are taking notice of the PR uplift that crypto provides. Today, legendary American Football player Tom Brady jumped on the bandwagon, swiftly followed by SoftBank's Marcelo Claure. It seems adding some laser eyes is the sure-fire way to harvest some easy likes. The appearance of Marcelo's tweet coincided with a rally across the crypto-sphere as the thought of SoftBank hoovering up mountains of crypto gave the market a short-lived bid.

With Grayscale struggling to attract enough investment to drive is negative premium higher (even a $750m buy back from its owners didn't move the needle), Bitcoin needs a new champion, and Soft Bank would be just that. While Elon has shown his grasp of hodling is limited and is busy sending dog money to space, there is room for a new messiah.

Some of the world's largest hedge funds are actively entering the crypto world, but given their old world roots, laser eyes and Twitter are going to be low on the priority list.

The negative premium for Grayscale holders is likely souring what has been the trade of the last year. Investors in the ETHE fund are bearing the brunt of its under-performance: Long gone are the days of 500%+ premiums.

With ETH and the alts enjoying seemingly unstoppable rallies, I am beginning to wonder if Bitcoin is the canary in the coal mine.

The upcoming test of support will tell us all we need to know.

Technical Analysis

Bitcoin has spent another day exploring the range, with neither side able to exert the required pressure to break the status quo.

Resistance at $58,820 is preventing a run higher, with $60,000 and $61,700 feeling like next week's business—as long as support at $56,600 holds.

We are likely to see the next test of $56,600 overnight as the momentum built by the bulls fades. A move below this key support level will bring $54,200 back into focus, with a deeper move to the critical support level of $53,130 the target for the bears.

Market Data

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