Bitcoin Technical Analysis: BTC Faces Crucial Resistance At The 20-day SMA
Daily Bitcoin BTC Price Analysis
- The Bitcoin price has experienced 4 straight bullish sessions.
- The MACD has reversed from bearish to bullish.
The Bitcoin price crashed from $40,500 to $31,500 between June 15 and June 22. Due to this drop, BTC managed to flip the 20-day SMA from support to resistance and reverse the parabolic SAR from positive to negative. However, the $31,500 support has stayed strong to prevent any further drops.
Bitcoin Price Buyers In Control For Four Straight Days
The Bitcoin price bounced up from the $31,500 support wall as the buyers have taken full control over the last four days. Currently, BTC is priced at around $35,000. Due to this jump, BTC has managed to reverse the MACD from negative to positive.
Image: BTC/USD daily
As already mentioned, the Bitcoin price has strong resistance at the 20-day SMA ($36,500). As per the IOMAP, over 1.17 million addresses had previously purchased almost 500,000 BTC at this level.
$3.6B in Bitcoin vanishes South African crypto scam
Around 69,000 Bitcoin has recently disappeared from a South African investment platform AfriCrypt along with two brothers who owned the crypto firm. The facts of the case remain uncertain at the moment. If this turns out to be an exit scam rather than a hack, it would be the biggest one in history, according to Bloomberg.
There were warning signs for investors as users were reportedly promised returns of up to 10% a day. AfriCrypt was founded in 2019 and operated by brothers Ameer and Raees Cajee. It had reportedly amassed around 54 billion rands worth of BTC, or $3.6 billion at the time, when it sent a message to investors on April 13 claiming the platform had been hacked.
The firm said it would halt operations while it began the process of “attempting to retrieve stolen funds and compromised information.” South African law firm Hanekom Attorneys, which has taken the case on behalf of affected users, said that suspicions were aroused. The firm noted that AfriCrypto warned that “clients may proceed the legal route, but we ask clients to please acknowledge that this will only delay the recovery process.” The law firm added:
Africrypt employees lost access to the back-end platforms seven days before the alleged hack.
Hanekom Attorneys alleged that the brothers transferred the 69,000 BTC (worth $2.2 billion) from AfriCrypt’s accounts and client wallets and subjected the funds “to various dark web tumblers and mixers, resulting in severe fragmentation” to make the funds untraceable.
The brothers have been unreachable, with calls going directly to voicemail, while the AfriCrypt website is also down. The law firm has reported the case to an elite unit of the national police dubbed the “Hawks.”
South Africa’s Gauteng South High Court has granted a provisional liquidation order against the Cajee brothers, and they have been given until July 19, 2021, to respond to the order.
Bitcoin Price Is Expected To Reach These Levels
The buyers will need to garner enough bullish momentum and take down the 20-day SMA. If Bitcoin manages to break above the $38,000 resistance, it should reverse the parabolic SAR from negative to positive.