Bitcoin Price Prediction: BTC Bears In Control For Four Days
Daily Bitcoin BTC Technical Analysis
- The Bitcoin price is dropping towards the $37,000 support wall.
- Breaking below $37,000 will reverse the parabolic SAR to negative.
The Bitcoin price crashed from $42,200 to $38,000 over the last four days as BTC lost $4,200 in its overall valuation. Previously, BTC fell from $34,300 to $29,700 between July 5 and July 20 and managed to:
- Reverse market momentum from green to red.
- Flip the 20-day SMA from support to resistance.
Bitcoin Price Crashing Towards Crucial Level
Previously, between July 21 and July 30, the Bitcoin price jumped from $29,800 to $42,200, flipping the 20-day and 50-day SMAs from resistance to support. However, the sellers are now in full control as BTC looks to break below the $37,000.
Image: BTC/USD daily
Let’s see how strong the $37,000 support line is via IntoTheBlock’s IOMAP. It seems like previously, at this level, 622,000 addresses had purchased 392,000 BTC tokens.
Bitcoin Price On-Chain Analysis – Santiment
“#Bitcoin large addresses continue to show interesting patterns in how supply distributions are changing over time, and the amount of addresses fluctuating in each tier. 10-1,000 $BTC addresses (144.97k addresses) are at their highest point since April.”
"#Bitcoin is still being perceived as #bearish by the #Twitter community, according to our algo measuring $BTC social volume & ratio of positive vs. negative comments. It's a good sign for bulls, as prices rise when crowds expect downward movement."
“#Bitcoin and #Ethereum pumped in a fantastic week for #crypto, and our metrics take a close look at whether dormant coins continue to move, whether whale behavior will continue to push prices, and how address activity looks.”
Bitcoin Price On-Chain Analysis – Glassnode
"#Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day. This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020."
"#Bitcoin on-chain data demonstrates a pattern of accumulation is in play, similar in structure to early-mid 2018. A key difference in 2021 is 10% more supply is held by long-term holders, so it starts from a higher base."
“6M (33% of supply) – 12.5M are HODLed for at least half a year.”
“Did #Bitcoin on-chain activity drop solely because less blocks were mined after China's miner exodus? Not quite, the drop is real. Daily active addresses normalized by the number of blocks mined.”
Singapore Grants Landmark Approval To Independent Reserve
Australian crypto exchange Independent Reserve recently said that it had received “in-principle approval” for a Major Payment Institution License in Singapore. The platform will operate as a regulated digital payment token (DPT) service provider.
Independent Reserve is one of the first crypto exchanges to obtain an in-principle approval letter for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), the company said. The company set up its first overseas operations in Singapore in 2019 to provide crypto exchange and over-the-counter trading services.
Adrian Przelozny, CEO of Independent Reserve, said:
"To be one of the first cryptocurrency exchanges to be notified by MAS of our in-principle licencing approval is a reflection of the robustness of the policies, procedures and risk management systems that we have put in place to guide our day-to-day operations. It provides certainty for us as industry participants and security for our customers, knowing that their chosen platform has passed the scrutiny of a world-class regulator. The granting of Digital Payment Token licences by MAS will continue to put Singapore in pole position as the leading financial hub in Asia.”
Under Singapore’s Payment Services Act (PSA), providers of crypto services must be licensed. The PSA provides for the licensing and regulation of payment service providers and the oversight of payment systems to ensure compliance with anti-money laundering and counter financing of terrorism (AML/CFT) requirements.
Bitcoin Price Is Expected To Reach These Levels
If the Bitcoin price drops below the $37,000 support level, a further break will reverse the parabolic SAR from positive to negative, which will bode very badly for the premier cryptocurrency.