Bitcoin Price Analysis: BTC Retreats After Failing To $58,500

Daily Bitcoin BTC Price Forecast

Last Updated July 23rd 2021
3 Min Read
  • Breaking above immediate resistance will take Bitcoin Price to $60,000.
    • BTC has a good support wall at $56,500.

    Between April 26 and April 30, the Bitcoin price jumped by ~$8,600 from $49,000 to $57,600. During this upward surge, BTC managed to flip both the 20-day and 50-day SMAs from resistance to support. However, BTC has failed to break past the $58,500 resistance.

     

    The Bitcoin Price Retreats After Encountering Resistance At $58,500

    The latest Bitcoin price surge has been hindered by the $58,500 resistance after which it dropped to $56,800. The overall sentiment for BTC is positive as per these two signs. 

    1. The MACD shows increasing bullish market momentum.
    2. The parabolic SAR has reversed from negative to positive.

    Image: BTC/USD daily

    btc/usd daily chart 050321

    Bitcoin price faces a massive resistance barrier at the confluence of the 20-day and 50-day SMAs ($56,500), wherein nearly 1.77 million addresses had purchased almost 860,000 BTC tokens.

    Image: IntoTheBlock

    btc/usd volume chart 050321

    Bitcoin Building Large Capital Base

    btc/usd glassnode chart 050321

    William Clemente III shared the above image along with this insight:

    “Back above the 1 trillion $ threshold, #Bitcoin is building up the largest base of capital at these price levels since $6K-$11K. Each bull-market forms a base of capital 2-3X above previous ATH, marking "the point of no return." Would eye this as the next bear market floor.

    2015 bottom: $160

    2018 bottom: $3,100

    $3,100 / $160 = 19.375

    $3,100 x 19.375 = $60,062... Coincidence? I think not.”

     

    Bitcoin Price FUD On The Rise

    btc/usd santiment chart 050321

    Santiment shared the following tweet to show increasing Bitcoin FUD:

    “With #Bitcoin bouncing back hard above $58.4k, traders are once again not believing the hype. Our sentiment data indicates commentary is more negative than usual despite $BTC's highest price level since April 17th, ironically fueling prices higher.”

     

    Long-term Bitcoin Investors Holding On

    btc/usd glassnode chart 050321

    Glassnode shared the above image to show that long-term investors are holding on to their coins:

    “CDD-90 quantifies the amount of Coin Days Destroyed over the past three months. After an initial increase towards the beginning of the year, it has reset back close to baseline levels – indicating increased hodling from long-term investors.”

     

    Bitcoin Price Is Expected To Reach These Levels

    The Bitcoin price will need to cross over the $58,500 resistance barrier to break past the $60,000 psychological level.

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