Bitcoin Price Analysis: BTC Trapped Below 20-day SMA

Daily Bitcoin BTC Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • The Bitcoin price is sandwiched between the 20-day SMA and the $32,800 since June 28.
  • The MACD shows sustained bullish market momentum.
  • Since June 28, the Bitcoin price has been sandwiched between the 20-day SMA and the $32,800 support wall. Prior to that, between June 22 and June 27, the Bitcoin price had been hovering between $31,670 to $34,650. Let’s take a closer look.

    Bitcoin Price Held Up By $32,800 Support

    Over the six days, the Bitcoin price managed to flip the 20-day SMA from support to resistance. BTC is presently stuck below the 20-day SMA continuously. The Bollinger Band indicates decreasing price volatility, while MACD shows sustained bullish market momentum.

    Image: BTC/USD daily

    BTC/USD daily chart 071221

    Bitcoin price faces a strong support wall at $32,800. As per the IOMAP, almost 1.25 million addresses had previously purchased almost 900,000 BTC at this level.

    Image: IntoTheBlock

    BTC/USD volume chart 071221

    $395 Billion Investment Firm Buys Stake In MicroStrategy

    According to a filing with the US Securities and Exchange Commission (SEC), Capital International Investors added 953,242 shares of MicroStrategy (MSTR) to its holdings, worth nearly $600 million. 

    With the investment, Capital International Investors is now MicroStrategy’s second-largest shareholder, according to FactSet. The investment falls short of Twitter CEO Jack Dorsey’s digital payment company, Square, which holds 1,091,991 shares in MicroStrategy.

    According to Fintel, Capital International Investors has more than $395 billion in assets. Following Capital International’s disclosure, MSTR stock jumped 2.3%. MicroStrategy established itself as an influential player in the cryptocurrency industry after buying billions of dollars worth of BTC investment in 2021. The company currently holds over 100,000 BTC, worth more than $3.55 billion. 

    MicroStrategy, founded in 1989 and based in Tysons Corner, first introduced HyperIntelligence, a zero-click embedded analytics tool fueled by augmented intelligence and machine learning, in 2019. Since then, it has been the focus of numerous updates, including the release of Hyper. 

    Using information cards that pop up as users scroll over text, HyperIntelligence delivers information that enables customers to make data-driven decisions.

    While much of the focus of MicroStrategy centers on its heavy investment in Bitcoin, analytics remains the longtime independent vendor's primary business. 

    Bitcoin Price Is Expected To Reach These Levels

    The Bitcoin price needs to take down the 20-day SMA and then conquer the 50-day SMA. If the buyers manage to do that, BTC will reach the $36,000 psychological level.

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