Bitcoin Price Analysis: BTC Charts Death Cross; Drops Down

Daily Bitcoin BTC Price Forecast

3 Min Read
Last Updated July 23rd 2021
  • The Bitcoin price has had six straight bearish sessions.
  • The RSI shows that BTC can drop some more before getting oversold.
  • Between June 4 and June 8, the Bitcoin price has crashed from $39,250 to $33,250, flipping the 20-day SMA from support to resistance. After that, BTC jumped up to $40,650 till June 14, reclaiming the 20-day SMA. However, this is when the bears took full control of the market.

    Bitcoin Price Has Five Straight Bearish Sessions

    Since June 15, the Bitcoin price has managed to chart five straight bearish sessions during which BTC dropped to $35,230. During this drop, BTC managed to flip the 20-day SMA from support to resistance. The relative strength index tells us that BTC could drop some more before it becomes oversold. This Saturday, Bitcoin also managed to chart the hugely bearish death cross, with the 200-day SMA crossing over the 50-day SMA.

    Image: BTC/USD daily

    BTC/USD daily chart 062121

    The Bitcoin price has major support at $32,500. As per the IOMAP, over 600,000 addresses had previously purchased 1.25 million BTC at this level.

    Image: IntoTheBlock

    BTC/USD volume chart 062121

    Bitcoin Price On-Chain Analysis – Glassnode

    BTC/USD glassnode chart 062121

    "#Bitcoin $BTC Amount of Supply Last Active > 10y just reached an ATH of 2,181,981.134 BTC."

    BTC/USD glassnode chart 2 062121

    "#Bitcoin $BTC Amount of Supply Last Active 6m-12m (1d MA) just reached a 6-month high of 1,837,911.978 BTC."

    BTC/USD glassnode chart 3 062121

    “#Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 1-month high of 7,094,448.442 BTC.”

    BTC/USD glassnode chart 4 062121

    “#Bitcoin $BTC HODLer Net Position Change just reached a 7-month high of 22,548.576.”

    Bitcoin Price On-Chain Analysis – Santiment

    BTC/USD santiment chart 062121

    "#Bitcoin has dropped to $35.5k, revisiting levels last seen June 12th. Whale holders (at least 1,000 $BTC addresses) continue to show a pattern of accumulation, and mid-tier holders (10-1,000 $BTC) aren't flinching. Smaller addresses are falling fast."

    Portugal Central Bank To Grant Licenses to Crypto Exchanges

    Portugal's central bank, Banco de Portugal, recently granted operating licenses to local crypto exchanges for the first time. The bank announced that the Portuguese exchanges Criptoloja and Mind the Coin were now classified as virtual assets service providers. They are currently the only two included on a list the bank issued on their website.

    Criptoloja reportedly started its initial registration back in September 2020. In Portugal, the license allows Criptoloja and Mind the Coin to carry out exchange services between digital assets and fiat currencies, as well as between different cryptocurrencies. It also covers them for transfer services, safekeeping, and administration of those assets. 

    In the past, Portugal has been regarded as one of the most crypto-friendly countries in Europe. Investor Jean Galea had earlier said that the country is “becoming a haven” for people involved in the crypto space. Cryptocurrency income remains exempt from VAT and capital gains taxes in the country unless it comes from professional trading activity.

    Notably, Portugal is not the only European nation to favour crypto exchanges and services recently. At the end of May, the Malta Financial Services Authority (MFSA) awarded a Class 3 Virtual Financial Asset (VFA) License to XCoins, a leading exchange based in the country. At the time, Rob Frye, XCoins’ CEO commented:

    Being one of the first cryptocurrency platforms to achieve this milestone means that we can keep paving the way for a more secure and regulated industry. Xcoins is leading the way as digital assets gain popularity worldwide.

    It is the second such license the MFSA has granted to a crypto exchange this year. The first crypto platform to receive a VFA License of the same class was Crypto.com. Gaining its license a few weeks before XCoins, the company called the milestone “a watershed moment for the cryptocurrency industry.”

    Additionally, Crypto.com applied with the MFSA to become a licensed financial institution. However, the regulator’s decision is still not finalized. 

    Bitcoin Price Is Expected To Reach These Levels

    Having charted the death cross, the sentiment seems pretty negative for now. As things stand, the Bitcoin price could crash towards the $32,500 support wall.

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