Bitcoin Technical Analysis: BTC Bulls Aim For ATH Levels

Last Updated July 23rd 2021
3 Min Read

Daily Bitcoin BTC Price Analysis
  • Bitcoin price surges towards $60,000 as bulls remain in control.
  • The downside has two very healthy support walls at the 20-day and 50-day SMAs.

Bitcoin price jumped from $51,200 on March 26 to $59,000, gaining almost $8,000 in its overall valuation over the last six days. This rally began after the buyers jumped the price from the 50-day SMA support wall.

Bitcoin Price Market Momentum Reverses From Bearish To Bullish

As the buyers remain in control, Bitcoin price aims to take down the $60,000 psychological level. During this upward surge, BTC has flashed multiple buy signals:

  • The 20-day SMA has flipped from resistance to support.
  • The parabolic SAR has reversed from negative to positive.
  • The MACD shows that market momentum has flipped from bearish to bullish.

btc/usd daily chart 040121

Image: BTC/USD daily

The IOMAP shows a lack of strong resistance barriers on the upside. There is a weak-to-moderate resistance barrier at $60,200, wherein 16,500 addresses had purchased 12,360 BTC coins. If Bitcoin price can overcome this, it should reach all-time high levels again.

btc/usd volume chart 040121

Image: IntoTheBlock

Russia Tightens Bitcoin Regulations

Russia appears to be rolling out new measures on cryptocurrency-to-fiat conversions involving banks. According to German Neglyad, the deputy head of Russia's Financial Monitoring Service, Rosfinmonitoring, the move aims to eliminate money laundering incidents and other criminal activities. 

Under the planned regulations, the Rosfinmotoring will track the utilization of proceeds from cryptocurrency after the conversation into fiat. However, cryptocurrency advocates believe the move is headed towards abolishing digital assets like Bitcoin. 

Neglyad noted that banks are already monitoring transactions.

Banks have already started to pay attention to exchange transactions. That is, when they see that a transaction came after the exchange of virtual assets into hard currency, they have already started to assess them and report to us about these transactions. 

The official added Russia is working with foreign players to track cross-border to ensure BTC transactions do not aid terrorism. The proposed regulation comes a few months after President Vladimir Putin legalized cryptocurrencies. 

PayPal CEO Makes First Bitcoin Purchase

PayPal CEO Dan Schulman has recently released a video tutorial that offers a detailed guide on how to use the company's new cryptocurrency checkout service. 

In the video, Schulman visits the website of Bronco Western Wear to purchase a pair of boots. After picking the size, he proceeds to the checkout page, places his order and chooses Bitcoin to pay for his $299 purchase. 

The executive explained that customers can now seamlessly use crypto as a funding source instead of their PayPal balance or credit card. While Shulman has been holding Bitcoin for years, PayPal ventured into crypto in late 2020 by allowing its customers to buy and hold digital assets.

Notably, unlike Tesla, merchants will not actually be receiving and keeping crypto. The funds are automatically converted into cash.

Bitcoin Price Is Expected To Reach These Levels

Bitcoin price will touch $60,000 but the sellers may choose to exit the market by selling their holdings at this level. If BTC somehow overcomes this, it will reach ATH.

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