Bitcoin Technical Analysis: BTC Finds Strong Support At 200-day SMA

Daily Bitcoin BTC Price Analysis

Last Updated August 11th 2021
2 Min Read
  • The Bitcoin price has dropped below the $46,000 psychological level.
  • The relative strength index (RSI) has crept back into the neutral zone.

The Bitcoin price dropped from $46,500 to $45,200 – losing around $1,300 this Tuesday. This drop in valuation happened after the relative strength index (RSI) crept into the overbought zone. The 200-day SMA on the downside has stopped a further downtrend. Due to Tuesday’s drop, the RSI has dropped back into the neutral zone.

Bitcoin Price Downtrend Stopped By Crucial Level

The Bitcoin price jumped from $38,100 to $46,500 between August 4 and August 9. During this rise, BTC managed to:

  • Flip the 20-day, 50-day, and 200-day SMAs from resistance to support.
  • Reverse the MACD from negative to positive.

Prior to this jump, Bitcoin had four straight bullish sessions between July 31 and August 3.

Image: BTC/USD daily

BTC/USD daily chart 081121

IntoTheBlock’s IOMAP tells us that Bitcoin price has crucial support at 200-day SMA ($45,000). It seems like previously, at this level, 617,000 addresses had purchased 365,000 BTC tokens.

Image: IntoTheBlock

BTC/USD volume chart 081121

AMC Plans To Accept BTC By 2022

American cinema operator AMC Entertainment plans to accept Bitcoin payments for movie tickets by 2022. During a recent conference call, AMC chairman and CEO Adam Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of 2021.

While details regarding AMC’s plan to accept Bitcoin are scant, Aron reported strong demand for buying movie tickets with crypto from the firm’s customers. AMC’s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 2020’s $18.9 million in revenue. 

Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year. Along with adopting BTC payments, AMC also announced plans to open more than one dozen locations across the US, Europe, and the Middle East this year.

The chairman also made the unlikely claim that he first learned about crypto assets after being elected to the board of Centricus Acquisition Corp. on May 6, one week before Centricus acquired blockchain technology firm Arqit.

AMC’s impressive Q2 results come just one year after the firm appeared destined for bankruptcy, with the cinema operator being forced to close venues as the global coronavirus pandemic spread. Amid the pandemic, notorious Reddit-based Wallstreetbets converged on AMC’s shares to drive a 900% gain in its stock during January.

Bitcoin Price Is Expected To Reach These Levels

The buyers will need to bounce up from the 200-day SMA to take down the $46,500 resistance barrier. A further jump will take BTC to the $50,000 psychological level.

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