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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

May 11, 2021
If you're feeling a little frustrated at Bitcoin's lack of upside movement this week, it's probably a good day to take a step back and look at the bigger picture.

A year ago today, Bitcoin's supply was cut by 50% as we completed the third halving. Bitcoin was trading around $8,000 and the noise from the Federal reserves' printing presses was merely a hum. Today, the cacophony from those dollar-creating presses would wake the dead, or at least drown out the sound of DOGE-1 literally taking Doge to the moon.

Bitcoin is up 533% in the last 12 months: Maybe we should allow it a week off?

After all, if the price keeps nicely tracking the stock-to-flow ratio, it still has an awfully long way to go before it reaches its place in space.

Yesterday we called for Bitcoin to find a new messiah. Today, Palantir's CEO, David Glaze, threw his hat in the ring. When asked if Palantir would ever entertain adding Bitcoin to its balance sheet, his reply was:

‘The short answer is yes. We’re thinking about it and we’ve even discussed it internally. If you take a look at our balance sheet there’s $2.3 billion in cash at quarter-end including $151 million in cash flow in Q1. So it’s definitely on the table from a treasury perspective as well as other investments as we look across our business and beyond.

One person who is potentially the least likely candidate to be Bitcoin's new poster-boy is Mark Zuckerberg. Naming his goats 'Bitcoin' and 'Max' may have been a nice idea from his PR agency, but seeing as Mr. Zuckerberg was alleged by Jack Dorsey to have killed a goat and served it for dinner, one might assume he wont be hodling 'Bitcoin' past Thanksgiving...

...I'm here all week.

Technical Analysis

Bitcoin has spent the day in the lower section of its range, with support at $54,420 defended aggressively by the bulls. Despite this quick rejection, prices have been unable to move back above resistance at $56,600. This is setting Bitcoin up for a telling moment: Whichever level gives way first is likely to set the market's tone for the rest of the week.

We look for the bulls to return and defend the $54,420 and $53,130 levels. A break lower will see BTC head directly to $50,200.

A move back above $56,600 will see another slow grind higher to $58,820. This level has capped gains since the beginning of May and is likely to continue to do so.

Market Data

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