Bitcoin Price Prediction: BTC Bounces Up From $31,500 Support Wall

Daily Bitcoin BTC Technical Analysis

Last Updated July 23rd 2021
3 Min Read
  • The Bitcoin price climbed back above $34,000.
  • The MACD has reversed from bullish to bearish.
  • The Bitcoin price fell from $40,500 to $35,700, dropping by almost $5,000 between June 15 and June 21. During this crash, BTC managed to flip the 20-day SMA from support to resistance. BTC then managed to bounce up from the $31,500 support barrier and reach $32,500 this Tuesday.

    Bitcoin Price Bounces Up From $31,500 Support

    It looks like the buyers are desperately attempting to fight back and managed to push the Bitcoin price up further to $33,800. However, the MACD has reversed from bullish to bearish so expect this brief resurgence to be short-lived. The TD sequential detector shows that BTC could drop for two more sessions before flashing the red-nine candlestick.

    Image: BTC/USD daily

    BTC/USD daily chart 062321

    As already mentioned, the Bitcoin price has major support at $31,500. As per the IOMAP, over 500,000 addresses had previously purchased almost 442,000 BTC at this level.

    Image: IntoTheBlock

    BTC/USD volume chart 062321

    Bitcoin Price On-Chain Analysis – Santiment

    BTC/USD santiment chart 062321

    "Those who have stayed strong in #Bitcoin on the #crypto downswing have been relatively rewarded compared to high-risk #altcoin traders. $BTC has fallen just -4.5% the past 3 days through the volatility, while $DOGE (-26.1%) & other #alts have dropped hard."

    BTC/USD santiment chart 2 062321

    "#Bitcoin's token circulation vs. market cap (NVT) has picked up steam the last couple days as capitulation signals increased and #FUD maximized after prices dropped to $29.2k. For now, our June data to date has correctly signaled the continued downturn."

    BTC/USD santiment chart 3 062321

    "#Bitcoin was temporarily below half of its #AllTimeHigh value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Read how our whale accumulation & $WETH data could indicate a bounce."

    Bitcoin Price On-Chain Analysis – Glassnode

    BTC/USD glassnode chart 062321

    "#Bitcoin miners have increased their distribution throughout June, as the mining industry experiences the largest migration in history. Nevertheless, $BTC holdings on OTC desks has reached a new local low, last seen in March 2020."

    BTC/USD glassnode chart 2 062321

    “#Bitcoin $BTC Number of Addresses in Loss (7d MA) just reached a 13-month high of 9,591,806.476. Previous 13-month high of 9,585,952.887 was observed on 30 May 2021.”

    BTC/USD glassnode chart 3 062321

    “#Bitcoin $BTC Percent Addresses in Profit (7d MA) just reached a 10-month low of 74.543%. Previous 10-month low of 74.578% was observed on 11 June 2021.”

    Mexico’s Third Richest Man: Bitcoin Should Be in Every Portfolio

    During a recent interview with José Rodríguez, Ricardo Salinas Pliego said that Bitcoin is as solid an investment as gold. Pliego is the third-richest man in Mexico. He explained that the debate about its nature is not so crucial for those who know its properties.

    In my opinion, all the advantages that bitcoin has are enough to make the gold of the modern world … There is no point in discussing whether it is a currency or not.

    Bitcoin being finite, easy to transport, and having extreme liquidity internationally are compelling reasons to consider it an asset, as per Pliego. He believes that it is worth taking into account when building an investment portfolio.

    He also explained that from his point of view, every investor should own Bitcoin. 

    Bitcoin is an asset that has international value, which is traded with enormous liquidity worldwide. For that reason, it should be in any portfolio.

    Ricardo Salinas is a vocal Bitcoiner. He was one of the first prominent Latin American businessmen to talk about BTC and support it on social networks. He also revealed that 10% of his liquid investment portfolio was held in BTC, which is a notable size considering his fortune.

    When asked about the potential of Ethereum and other altcoins, Salinas was unconvinced that they could outperform BTC. Regarding Ethereum, he explained that its weakness lies in its inflationary nature.

    The scarcity of Bitcoin, the 21 million, is the key to everything. That is why I mention Ethereum. Because as long as it does not have a finite amount of issuance, I will not believe them because they can issue more, and the asset depreciates.

    Bitcoin Price Is Expected To Reach These Levels

    The sellers will likely retake control and push the Bitcoin price below the $31,500 support wall. A further break should take BTC to $30,000.

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