We remain neutral on Bitcoin ( BTC ) for three reasons.

First, nobody wants to pay more than 8500 for Bitcoin ( BTC ). Two, Bitcoin ( BTC ) has been unable to break its 21-day or 200-day moving averages. Third, stocks are doing better. If fast money chases equities, it may not chase crypto.

Bottom Line: We don't want to see Bitcoin ( BTC ) below 8100. If there are two daily closes below 8100, we may be forced to get bearish.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.