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Bitcoin Technical Analysis: BTC’s Fight To Reach $60,000 Continues As MicroStrategy Goes In Hard

Daily Bitcoin BTC Price Analysis

4 Min Read
Last Updated July 23rd 2021
  • Bitcoin price has climbed back above the upward trending line.
    • BTC’s downside is defended by the 20-day SMA.

    On April 3, the Bitcoin price dropped by ~$2,500 going from $59,200 to $56,600. In the process, BTC fell below the >2-month upward trending line. The buyers then took charge and managed to reclaim the upward trending line.

     

    Bitcoin Price Finishes Above The Upward Trending Line

    As of now, Bitcoin price is trading around $59,000 level. The MACD shows that the market momentum is about to reverse from bearish to bullish. However, the relative strength index (RSI) shows that BTC still has room to grow before it gets overvalued.

    Image: BTC/USD daily

    On the upside, the Bitcoin price has a moderate resistance at $60,300. Previously, at this level,  15,400 addresses had purchased 12,000 BTC tokens.

    Image: IntoTheBlock

    Bitcoin Price On-Chain Analytics

    #1 MIner Net Position

    This graph by Glassnode shows us that the Bitcoin miners are no longer interested in selling their coins. They are accumulating.

     

    #2 Kimchi Premium

    CryptoQuant CEO, Ki Young Ju, shared the chart and tweeted:

    “Remember when the $BTC market collapsed with a 50% kimchi premium back in 2018? Don't worry. Simply calculating the trading volume, the Korean market had 7.9% of the influence as of 2018 January, while today it is only 1.7%.”

    This shows us that the overall Bitcoin market is more robust than ever before.

     

    MicroStrategy Buys More

    Michael Saylor, MicroStrategy CEO, tweeted that the company has purchased more Bitcoins

    “MicroStrategy has purchased an additional ~253 bitcoins for $15.0 million in cash at an average price of ~$59,339 per #bitcoin.  As of 4/5/2021, we #hodl ~91,579 bitcoins acquired for ~$2.226 billion at an average price of ~$24,311 per bitcoin.  $MSTR”

     

    Goldman Sachs To Issue Bitcoin Investment Channels

    Goldman Sachs is reportedly planning to issue its first investment channels for Bitcoin and other digital assets by the second quarter of 2021.

    The financial behemoth plans to offer this product to clients in its private wealth management group. According to CNBC, this group comprises high-net-worth people, families, and endowments with at least $25 million to invest.

    Mary Rich, the newly-appointed global head of digital assets for Goldman’s private wealth management division, said that the bank wants to eventually offer a “full-spectrum” of investments in BTC and other cryptocurrencies. 

    We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term. 

    Sources close to the matter have revealed that the bank is now securing approvals from regulators, including the US Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYSDFS). Rich told CNBC that their clients are seeking exposure to BTC as a hedge against inflation as well as an asset that is leading a technological revolution.

    The report comes as another banking giant, Morgan Stanley, revealed in an SEC filing that 12 of its mutual funds might indirectly invest in BTC through cash-settled futures contracts and Grayscale’s Bitcoin trust. Rich added that Goldman Sachs is looking to offer similar Bitcoin investment funds. 

    We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be, but I think it’s fairly safe to expect it will be part of our future.

     

    Bitcoin Price Is Expected To Reach These Levels

    Bitcoin price will likely aim to go past the $60,300 resistance barrier.

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