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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

June 11, 2021
Bitcoin has remained subdued today, with a tight $1,500 dollar trading range. Weekend trading sessions have been volatile as of late, which heighten awareness and interpretations of price action. We could well see fake out moves to both the upside and the downside this weekend, as the market looks for a move that doesn't transpire.

Things to watch out for:

The hash rate is heading south again. It's the weekend, and the 'Hash Crash' is still fresh in our minds. I would suggest keeping a close eye on this metric for the next 48 hours, as a continued fall could trigger an inbuilt, fear-based response and hurt prices.

Coupled with this, we are seeing a large net inflow to exchanges—again, putting us slightly on edge. 

The bulls will be hoping the weekend passes without incident, and will be happy with a continuation of the sideways price action. The bears, as ever, will be looking to shake the beginnings of the recovery Bitcoin has exhibited this week.

Technical Analysis

Support at $36,400 has limited the downside today, as Bitcoin attempts to trade sideways towards the upper end of the trading range. The bulls have been unable to push through resistance at $38,600, leaving BTC in a tight range. 

As we head into the weekend trading sessions, there is risk of a sharp move in either direction. 

A break down below $36,400 will see Bitcoin trade down to $35,000, ahead of a test of its key support at $33,600.0

On the upside, given the continued attempts to break higher, should BTC move above $39,000, it's likely the momentum built will be enough to see Bitcoin trade back above $40,000 and target resistance at $40,900.

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