Technical Analysis

BTC/USD Analysis – July 23, 2021

By LonghornFX Technical Analysis
Jul 23, 20212 min

Bitcoin to Face Resistance at $33,000

The BTC/USD was closed at $32,226.51 after placing a high of $32,573.13 and a low of $31,692.10. After plunging for consecutive two sessions, the Bitcoin prices recovered on Thursday as they soared upward, reversing it's momentum. Most of the bullish trend was triggered by Tesla CEO Elon Musk. According to him, the organization would likely re-accept bitcoin for its vehicle buying as the cryptocurrency seemed environmentally friendly.

As per Elon Musk, bitcoin is turning towards renewable energy, and several of the heavy-duty coal factories employed in China have been closed. Musk continued that he needed to verify that the usage of renewable energy was at or over 50% for bitcoin mining.

As per the latest figures from Cambridge University, many miners have been directed to the United States., which has become the second-biggest target for the world's bitcoin miners. Musk stated that long-term renewable energy would be the most affordable energy; however, it could not be accomplished overnight. He further added that as long as there is determined solid effort from the mining industry to move towards renewables, Tesla would promote the BTC. These remarks from Elon Musk appended in the worth of BTC/USD, and the cryptocurrency rose around 8% in value.

The U.S. Dollar Index that estimates the greenback worth versus the basket of six major currencies slipped and touched 92.76 level, appending additional gains in Ethereum prices. Both of these currencies share a negative correlation. The bearishness in the greenback could be credited to the sunk risk-off market bias and eased down concerns of coronavirus radiated across the market.

BTC/USD Intraday Technical Levels

Support Resistance

31,754 32,635

31,285 33,044

30,873 33,516

Pivot Point: 32,163

BTC/USD - Technical Outlook

The leading cryptocurrency, Bitcoin, continues trading with a bullish bias at 32,610 level. On Friday, the BTC/USD is facing a double top resistance level at 33,094 level and bullish breakout of this level can expose Bitcoin price towards next resistance levels of 33,516 and 34,492 level. Below this double top pattern of 33,094 level, the BTC/USD support prevails at 31,745 and 30,995 levels. In addition to this, the 4-hour chart's MACD and 50 EMA are exhibiting a bullish crossover, suggesting buyers are taking control. Thus, the bullish breakout of 33,094 level exposes the Bitcoin price towards 34,100 (daily 50 EMA) resistance level. All the best!


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