Bitcoin Price Analysis: BTC Flips 200-day SMA To Support

Daily Bitcoin BTC Price Forecast

Last Updated August 10th 2021
2 Min Read
  • The Bitcoin price has crossed the $45,000 psychological level.
  • The relative strength index (RSI) indicates that BTC is slightly overpriced.

Following four straight bullish sessions between July 31 and August 3, the Bitcoin price managed to wrest back control. BTC jumped from $38,100 to $44,600 between August 4 and August 7 and found strong resistance at 200-day SMA. During this jump, BTC managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Reverse the MACD from negative to positive.

Following repeated rejections at the 200-day SMA, Bitcoin dropped to $43,750 on August 8.

Bitcoin Price Crosses $45,000

On August 9, the Bitcoin price jumped from $43,750 to $45,850 – crossing the $45,000 psychological level and the 200-day SMA. The relative strength index (RSI) indicates that BTC is slightly overpriced. This could incite another bearish correction.

Image: BTC/USD daily

BTC/USD daily chart 081021

IntoTheBlock’s IOMAP tells us that Bitcoin price has strong resistance at 200-day SMA ($45,000). It seems like previously, at this level, 270,000 addresses had purchased 200,000 BTC tokens.

Image: IntoTheBlock

BTC/USD volume chart 081021

Brazil Launches First Eco-Friendly Bitcoin ETF

Brazil continues to create new investment opportunities related to cryptocurrencies. The country has recently launched a brand new Bitcoin ETF. Under ticker BITH11, the Hashdex Nasdaq Bitcoin Reference Price replicates the performance of the Nasdaq Bitcoin Reference Price Index.

This would be the second ETF available in Brazil offering 100% exposure to Bitcoin, competing against the QR CME CF Bitcoin Reference Rate or QBTC11, which was also recently approved.

Notably, Hashdex’s proposal differs from its QR Assets-managed competitor. It seeks to neutralize carbon emissions from Bitcoin investments. The First Green Bitcoin ETF in Brazil will use audits by Germany’s Crypto Carbon Ratings Institute (CCRI) to determine the environmental impact of BITH11 investments. This will allow it to invest 0.15% of its liquid assets in carbon credits and eco-friendly technologies every year.

Rogerio Santana, director of the B3 (Brazil’s main stock exchange), highlighted the importance of this initiative. He noted that BITH11 promotes a positive impact not only on the industry and on the entire ecosystem. He was also proud to have one of the most extensive cryptocurrency investment offerings in the whole region.

“The new ETF offers investors exposure to the variations of the world’s leading digital asset, with all its growth potential and store of value, in a regulated, secure and sustainable manner...With the introduction of this ETF, we will also increase B3’s range of ESG products available to the market.”

The first ETF, HASH11, replicates the performance of the Nasdaq Crypto Index (NCI), which tracks a theoretical basket of various cryptocurrencies such as Bitcoin, Ethereum, Chainlink, Bitcoin Cash, and Stellar Lumens.

In addition to this offering, a few days ago, the first 100% Ethereum ETF was also approved. The QR CME CF Ether Reference Rate, or QETH11, is managed by QR Assets and tracks the price behavior of ETH through the CME CF Ether Reference Rate.

Bitcoin Price Is Expected To Reach These Levels

The Bitcoin price must break above the 200-day SMA to continue this upward surge. A further jump will take BTC to $50,000. However, if a further correction does happen, BTC could drop to the $43,500 support wall.

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