Bitcoin Price Prediction: BTC Struggles To Consolidate Position Above The $32,000 Psychological Level 

Daily Bitcoin BTC Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Bitcoin price has resistance at 20-day SMA.
  • MACD has reversed the market momentum from red to green.
  • The Bitcoin price crashed from $34,300 to $29,700 between July 12 and July 20. This was a pretty significant dip since during this fall, BTC managed to:

    • Flip the 20-day SMA from support to resistance.
    • Reverse the parabolic SAR from negative to positive.
    • Fall below the Bollinger Band.

    However, the buyers managed to storm back in this Wednesday and take back control of the market – at least for now.

    Bitcoin Price Upside Blocked By 20-day SMA

    The Bitcoin price jumped from $29,700 to $32,000 this Wednesday, re-entering the Bollinger Band in the process. However, the 20-day SMA on the upside has prevented any further growth. Currently, BTC is struggling to stay above $32,000. On the plus side, the MACD has reversed from red to green.

    Image: BTC/USD daily

    BTC/USD daily chart 072221

    The Bitcoin price faces several strong resistance levels upfront, with the nearest one at the 20-day SMA ($32,800). As per the IOMAP, almost 850,000 addresses had previously purchased almost 670,000 BTC at this level.

    Image: IntoTheBlock

    BTC/USD volume chart 072221

    Mastercard Getting Bullish On Crypto?

    Mastercard is looking to make it easier for its partners to convert cryptocurrency to traditional fiat currency, enabling them to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

    Research published by Mastercard in May found that 93% of people across 18 global markets said they would consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless or QR code, in the next year. Overall, 40% of the people surveyed said they plan to use cryptocurrency next year, the report added.

    But when consumers spend cryptocurrency, it must enter and settle on Mastercard’s network as traditional fiat currency, such as the USD, the company explained in a news release. Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products & partnerships, said:

    "Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay."

    The global payments company is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, as well as Uphold and BitPay to provide real-time crypto wallet technology, Mastercard announced Tuesday. It is also working with i2c Inc., Apto Payments, and Galileo Financial Technologies to support processing and program management.

    Furthermore, Paxos Trust Company, a platform, and Circle, the principal operator of the USD Coin (USDC), will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins.

    Bitcoin Price Is Expected To Reach These Levels

    The Bitcoin price needs to break past the 20-day SMA ($32,800) to enter the $33,000 psychological level.

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