Bitcoin Technical Analysis: BTC Is Stuck Below 20-day SMA
Daily Bitcoin BTC Price Analysis
- Bitcoin price drops below the $55,000 psychological level.
- The parabolic SAR shows that current market sentiment is positive.
On April 26, the Bitcoin price jumped from $49,000 to $57,800 on May 1 – gaining almost $9,000 in its overall valuation. During this upward surge, BTC managed to flip both the 20-day and 50-day SMAs from resistance to support. Following that, for the next three days, the bears took control as BTC fell to the $53,650 support line
The Bitcoin Price Inhibited By 20-day SMA
The Bitcoin price bounced up from the $53,650 support line and is currently priced around $54,450. While the parabolic SAR shows that the current market sentiment is positive, do note that BTC is sitting below the 20-day and 50-day SMAs. These two levels have prevented further growth.
Image: BTC/USD daily
Bitcoin price faces a massive resistance barrier at the 20-day ($55,000), wherein nearly 2 million addresses had purchased almost 1 million BTC tokens.
Bitcoin Supply Maturing
As per glassnode:
"#Bitcoin supply accumulated in the early phase of this bull market is beginning to mature. HODLed $BTC are seen in Realized HODL Waves as the thickness of older age bands swell over time"
Whale Addresses Growing
"#Bitcoin has slid these past couple days, but as the crowd shows mild concern, new whale addresses have been created. The number of 1,000+ $BTC addresses have jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31."
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin’s price will need to cross over the 20-day SMA to easily reach the $60,000 psychological level.