Bitcoin Technical Analysis: BTC Flips Crucial Indicator To Negative Despite Recent Bullish Movement
Daily Bitcoin BTC Price Analysis
- The Bitcoin price had two straight bullish sessions.
- The parabolic SAR has reversed from positive to negative.
The Bitcoin price had two straight bullish sessions following four bearish candlesticks. During this jump. BTC went from $38,000 to $41,000 – crossing the $40,000 psychological level. Previously, BTC jumped from $29,800 to $42,200, flipping the 20-day and 50-day SMAs from resistance to support.
Bitcoin Price Crosses $40,000
Before this recent bullish surge, BTC had dropped from $42,200 to $38,000 due to four straight bearish days between July 31 to August 3. The Bitcoin price has flashed multiple positive signals:
- MACD indicates sustained bullish momentum.
- BTC charted a bullish cross with the 20-day SMA crossing over the 50-day SMA.
However, the parabolic SAR has reversed from positive to negative despite the recent bullish resurgence.
Image: BTC/USD daily
IntoTheBlock’s IOMAP tells us that Bitcoin price has strong resistance at $42,250. It seems like previously, at this level, 69,000 addresses had purchased 325,000 BTC tokens.
Binance To Bring Bitcoin Payments To Shopify
Binance, the largest cryptocurrency exchange by trading volumes, continues actively expanding into the crypto payments industry through a new crypto-to-fiat integration. The company recently announced a partnership with crypto-fiat hybrid payment platform Alchemy Pay to enable peer-to-peer (P2P) crypto payments at over 2 million global merchants through its payments application Binance Pay.
The new integration will allow users and merchants to pay and accept payments using 40 supported cryptocurrencies such as Bitcoin and Ether in 18 countries where Alchemy Pay operates. Binance Pay users will be able to pay across merchants of Alchemy Pay’s partners, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay, and others.
Founded in 2018, Alchemy Pay operates a global crypto-fiat payment gateway through 300 fiat and crypto payment channels in 65 countries, according to the company’s website. The company’s merchant networks also include Hong Kong’s biggest furnishing company Pricerite, Singapore’s Cé La Vi, Canadian footwear brand Aldo, and Midwest Global Asia taxi services.
The firm is also running its own token, Alchemy Pay (ACH), an Ethereum-based token used to incentivize the ecosystem and access to the network’s consumption and governance. The ACH token has been seeing a skyrocketing surge recently, with its price rising more than 1,680% over the past 14 days.
Alchemy Pay CEO John Tan said that Alchemy Pay’s partnership with Binance “significantly expands the practical backbone applications we build between the crypto and fiat worlds.” He also noted that the total value of the crypto market was “less than a tenth of a percent of what it is today” when Alchemy Pay was launched.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price must break above the $42,250 resistance barrier to continue this upward surge. A further jump will take BTC to the 200-day SMA ($45,000).