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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

June 9, 2021
Great news! Tesla now accepts Bitcoin again... in El Salvador. Clearly it's this news that has seen Bitcoin recover from the lower end of its range, now sitting bang in the middle at the pivotal $36,400 level.

I heard someone say today that El Salvador is now the world's most developed nation. Once the hype dies down and the people of El Salvador start using Bitcoin daily, it will be interesting to see how many other countries follow suit.

For the FUD producers, this is not the news flow they're looking for. The twisted story of the FBI retrieving $2.3M from a group of hackers is a clear indication that the barrel is being scraped.

As we head to the end of June, the focus will turn towards the approval of the first Bitcoin ETF in the US. Should that be approved, it will be a clear indication that the political pressure to suppress Bitcoin's adoption is not at the level that FUD creators would have you believe.

Yesterday I highlighted the net outflows from exchanges, which coincided with the markets decline below $36,000. The chart below demonstrates the real story: Bitcoin is being bought and removed from the liquidity available. What we should be seeing is more Bitcoin hitting exchanges, but that's if you believe the FUD...

Once the dust settles, the smaller BTC holders, those with less than 1 BTC, whose numbers continue to fall, will be experiencing the type of FOMO that creates self-fulfilling momentum and demand.

You only need look to the total balances of stablecoins on exchanges to understand how badly this could end for those who are paying too much attention to one section of the media.

That's a lot of dry powder.

Technical Analysis

Bitcoin has returned back to the middle of the trading range. Price climbed back from support at $32,180, and having spent some time at the $33,500 level, momentum kicked in a led Bitcoin back to the pivotal level of $36,400.

Should prices hold here and build a base, we will see a move higher to the top of the range and resistance at $37,900 and $38,600. Should we find leveraged shorts being auto-liquidated, we could see prices rise as high as $40,900.

Should $36,400 cap this rally, prices will return lower, with $33,500 the likely level to slow any decline. Below $33,500, $32,180 will again round off the lower end of the range. Only a break below $30,000 will change the current range trading outlook.

Market Data

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