Bitcoin Price Analysis: BTC Drops After $65,000 Tease

Daily Bitcoin BTC Price Forecast

Last Updated July 23rd 2021
3 Min Read
  • The Bitcoin price reached an all-time of $64,863.10 earlier this Thursday.
  • The MACD shows increasing bullish momentum.
  • Since January 28, the Bitcoin price has jumped from $30,300 to $62,300, gaining more than 100% in overall valuation. Earlier this Thursday, BTC even reached a new all-time high of $64,863.10, but it has dropped down after failing at the $65,000 zone.

    Upward Trending Line Holds Up Bitcoin Price

    After rejection at the $65,000 line, the Bitcoin price has dipped back to $62.365 and has found support at the near 3-month upward trending line. The relative strength index (RSI) has dipped back into the neutral territory and the MAD shows increasing bullish market momentum. Both these factors tell us that BTC will likely jump again.

    Image: BTC/USD daily

    On the downside, the healthiest support wall lies at the 20-day SMA ($58,500). Previously, at this level, 2.14 million addresses had purchased 683,000 BTC tokens. This level is robust enough to absorb a lot of selling pressure.

    Image: IntoTheBlock

    Whales Cause Slight Dip

    CryptoQuant noted that “Whales deposited BTC into Binance before the dip.” So it definitely looks like some holders made a handy profit as BTC touched ATH.

    Strong Support Between $53,000 and $60,000

    Glassnode shared the above chart and made the following observation.

    “#Bitcoin has made a new ATH and the market has started constructing new on-chain support. Over 245k $BTC have moved on-chain at prices above $62.7k. This follows the significant 1.909M $BTC moved in the previous $1 Trillion consolidation zone.”

    Tone Vays: Bitcoin Price Charging to $120,000

    Famous trader and crypto analyst Tone Vays recently said that Bitcoin is headed towards $120,000. He also revealed when he thinks the flagship cryptocurrency can get to that price mark. In a new video, Vays explained why he thinks Bitcoin is close to hitting his bullish near-term price target of around $80,000. 

    I know it’s a 24/7 market, but I’m a traditional TA (technical analysis) guy, and to me, it is all about the close and the weekly close being at a new all-time high makes me really, really bullish. I believe we are going to come close to hitting this target.

    I know my target is in the low $80,000 range… I would be happy exiting my trades in the mid $70,000 range and the slower we get there, the more bullish I’ll remain. The faster we get there, the more I’ll be looking for a crash. 

    While Vays is short-term bullish on BTC, he expects a significant pullback before the flagship crypto asset can do a giant leap. 

    I am now looking for six more weeks of upside. Can we get to $120,000? Can we double in price over the next six weeks? Yes. Am I anticipating a doubling of the price over the next six weeks? I’m going to say no… I think sometime in the next four to five weeks, we will reach a top and begin a more critical pullback.

    Bitcoin Price Is Expected To Reach These Levels

    The Bitcoin price will once again make a beeline for the $65,000 psychological level. If BTC conquers this, a march to $70,000 will be next.

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