- The Bitcoin price has jumped by $2,000 over the last five days.
- MACD shows increasing bullish market momentum.
Over the last five days, the Bitcoin price has had four bullish sessions, during which BTC had jumped by $2,000, going from $37,000 to $39,000. Since May 22, Bitcoin has been trending in a $5,000-channel between $34,750 and $39,400
Bitcoin Price Flashes Positive Signals
As things stand, the Bitcoin price is sitting directly below the 20-day SMA. Looking at the daily chart, we can see that BTC has flashed two buy signals – Firstly, the MACD shows increasing bullish market momentum. Secondly, the parabolic SAR has reversed from negative to positive.
Image: BTC/USD daily
Looking at the IOMAP, the Bitcoin price faces strong resistance at $41,500, which coincides with the 200-day SMA. Previously, at this level, around 80,000 addresses had purchased almost 355,000 BTC tokens.
Flow Of Fiat Money Slowing Down
“#Bitcoin is rallying, and is back over $38.7k. One thing our data platform indicates is that the average age of $BTC fiat investments has been rising in tandem with the big drop. Note how the avg. age was getting younger & younger during the bull run.”
Bitcoin MIners Holding Their Coins
CryptoQuant shared the chart above and the following chart:
" Miners are holding BTCs
- SSR is hitting ATL for a week
* BTC SSR is total BTC / All Stablecoins which could be interpreted as (cryptocurrency / amount of capital) in the market."
Bitcoin Transaction Fees Reducing
"The average transaction fees for both #Bitcoin and #Ethereum have returned to levels not seen since Jan 2021 and Aug-Sept 2020 during 'DeFi Summer'."
Bitcoin Hashrate On The Up
The Bitcoin hashrate has rebounded significantly. Usually this is a very bullish indicator.
More People Buying Bitcoin
"Number of Non-Zero Addresses just reached a 1-month low of 37,536,054 Previous 1-month low of 37,536,565 was observed on 02 June 2021."
Bitcoin Whales Accumulating
"#Bitcoin continues to range in the $37k to $39k range, but whales are accumulating behind the scenes. Addresses with 100 to 10k $BTC have added 50,000 total $BTC to their wallets, or ~$1.95bn. Read our quick take on what this means!"
Google Removes 2018 Ban On Wallets and Exchange Ads
Google has recently lifted its ban on crypto exchanges and digital wallets using Google’s advertisement service, a policy that lasted almost three years. According to reports, Google will update its Financial products and services policy in August to further clarify exchanges about all the requirements needed to allow advertisement through the platform.
Some of the requirements include registering with the FinCEN (Financial Crimes Enforcement Network) and complying with all relevant legal requirements and Google Ads policies.
Only crypto exchanges in the US are allowed to promote their businesses through Google. However, some restrictions remain for crypto companies launching ICOs (Initial Coin Offering), DeFi trading protocols, and any cryptocurrency trade or related products.
US companies like FTX have been expanding their businesses through alternative methods and partnerships with big corporations. According to a Cryptopotato report, FTX became the first crypto exchange to sponsor American professional basketball team Miami Heat with a 135 million naming-rights deal.
In March 2018, Alphabet, the company behind Google, cited “legal issues” that pressured it into implementing strict policies against crypto ads. YouTube faced a lawsuit in April 2020 for allowing the promotion of crypto scams. In the meantime, Google was heavily criticized for banning crypto ads but allowing scam projects to promote their platforms without any restriction.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price needs to break down the 200-day SMA resistance to reach the $45,000 barrier. Upon breaking down this barrier, BTC will reach $50,000.