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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

June 7, 2021
Bitcoin continues to trade sideways, with a largely uneventful weekend offering little in the way of price discovery. $37,000 capped the upside, and $35,000 limited losses.

The most interesting news this weekend? El Salvador declaring an intention to be the first country to adopt a non-fiat currency: Bitcoin. This one is going to take some thinking about. With 70% of El Salvador's residents un-banked, the world's first non-fiat social economic experiment is about to play out in ways we can't yet comprehend. 

It will be an interesting thing to watch, as companies and employees become fixated on the daily fluctuations in the price of Bitcoin. Paraguay has hinted that it may follow suit, so keep an eye on Twitter for other presidents adopting the red laser eyes... 

One person who may be relocating to El Salvador to escape capital gains taxation is MicroStrategy CEO, Michael Saylor. Furthermore, not happy with just 90,000 BTC, MicroStrategy has announced it will offer $400M in senior secured notes to push it over the 100,000 BTC level. 

Unfortunately, neither a country adopting Bitcoin as legal tender, Microstrategy buying another 10,000, nor the largest gathering of Bitcoin maximalists in Miami, was able to move the price. 

Hopefully Elon Musk will tweet something tomorrow.

Technical Analysis

Prices have continued to bounce along inside the $35,000 to $37,000 corridor. To either side of $36,400, the market is open to the possibility of building momentum. As we sit just below, the focus is now on the downside. 

$35,500 will act as the first level of support, ahead of key support at $33,600. Should we move down with pace, we may see the bears push to break this key level and drive Bitcoin towards the $30,000 level. 

 A climb back above $36,400 will settle any nerves, with prices then looking for a return to test resistance at $37,900. $38,600 will likely cap any further attempt at gains. $40,900 remains the short-term upside target for the bulls.  

Market Data

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