Bitcoin Price Prediction: BTC Rises By ~$10,000 Over The Last Six Days

Daily Bitcoin BTC Technical Analysis

Last Updated July 27th 2021
2 Min Read
  • The Bitcoin price had six straight bullish days between July 21 and July 26.
  • BTC has flipped several levels to bullish.

The Bitcoin price jumped from $35,450 to $39,800 this Monday. Prior to this between July 12 and July 20, BTC dropped from $34,300 to $29,700. During the drop, BTC managed to:

  • Reverse market momentum from green to red.
  • Flip the 20-day SMA from support to resistance.
  • Reverse the parabolic SAR from positive to negative.

Following this, the buyers roared back in.

Bitcoin Price Flips Several Crucial Levels To Bullish

Between July 21 and July 26, the Bitcoin price had 6 straight bullish sessions, during which it jumped from $29,800 to $39,800 – gaining almost $10,000 in the process. Due to this jump, BTC managed to:

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

Image: BTC/USD daily

BTC/USD daily chart 072721

The Bitcoin price faces immediate resistance at $43,000. As per the IOMAP, almost 70,000 addresses had previously purchased almost 342,000 BTC at this level.

Image: IntoTheBlock

BTC/USD volume chart 072721

>60% Of U.S. Investors Started Buying Crypto In The Past 6 Months

A recent study conducted by the NORC at the University of Chicago and involved 1,004 interviews showed that 61% of Americans who invest in digital assets only started buying cryptocurrencies within the past six months.

13% of the participants surveyed claimed buying or trading cryptocurrencies in the past 12 months, albeit more interviewees were investing in stocks. Of those surveyed, 24% reported trading stocks, or nearly double the number of those buying and selling crypto in the past year.

NORC's Angela Fontes said:

“Cryptocurrencies are opening up investing opportunities for more diverse investors, which is a very good thing. It will be important that these investors have access to sound information as they make decisions related to these often more volatile investments.”

The study showed that 26% get information from crypto exchanges, 25% from general trading platforms like Fidelity and Robinhood, 24% from social media, and 2% from a broker or advisor.

Among those hesitant to invest in cryptocurrencies, 62% said that their understanding of cryptocurrencies is not sufficient for them to invest. 33% said that they do not have enough money to buy crypto. Other reasons include security concerns and concerns about the price volatility of digital assets.

11% of those not investing in cryptocurrencies claimed that they were extremely or somewhat likely to start investing in digital assets in the next 12 months.

Bitcoin Price On-Chain Analysis – Santiment

BTC/USD santiment chart 072721

"#Bitcoin whales holding between 100 and 10,000 $BTC continue accumulating since the May plummet that shook out many weak hands. These addresses have now accumulated 130,000 more $BTC in the past 5 weeks, and 40,000 more in just the past 10 days"

BTC/USD santiment chart 2 072721

"#Bitcoin jumped back above $40.4k for the first time since June 15th, as the amount of unique addresses interacting on $BTC's network hit a 3-week high of their own. Addresses continuing to rise from here will be a clear sign that $40k is here to stay."

Bitcoin Price Is Expected To Reach These Levels

The Bitcoin price should take down the $40,000 psychological level soon. Following that, the IOMAP tells us that BTC will meet strong resistance at $43,000.

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