BTCUSD Weekly Outlook – July 10, 2021

Last Updated on July 10, 2021

Bitcoin Price Forecast

Introduction

The BTCUSD news from Argentine’s national deputy Jose Luis Ramon of Mendoza province submitted a new bill for workers to receive salaries in bitcoin and other cryptocurrencies. This is good news for Bitcoin brokers such as Race Option as the use of the digital asset will gain general acceptance and it will have more users around the globe.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 10th July 2021

Monthly Resistance Levels: 64000, 59000, 41000

Monthly Support Levels:  29000

The BTC bearish momentum is losing its steam as we can see that the support zone of 29000 has been rejecting the price of bitcoin around the zone. 

If the recent regulatory stress test of bitcoin is passed and accepted by the regulators, we shall see the price of bitcoin surge higher in the coming weeks. 

A close above the resistance level of 41000 will attract more buyers into the market. If the resistance level is not breached, we may see a retest of the support zone.

Weekly Chart

BTCUSD weekly chart - 10th July 2021

Weekly Resistance Levels: 41500 

Weekly Support Levels:  29000, 31000

The price of BTC has been raging between the high of (41500) and the low of (29000) for the past weeks. The market has not been volatile since miners have been asked to leave their previous mining base. 

The bitcoin brokers are now paying attention to the various news around the coin as we can see countries like Argentina proposing Bitcoin as salaries in the new Bill. 

COVID-19 pandemic was a simple case study to the world that bitcoin asset is reliable and efficient in terms of payment services. 

However, the market needs to close above the resistance for a bullish move or a breakdown below for a bearish move. 

 Daily Chart

Daily Resistance Levels: 37000, 41000

Daily Support Levels: 29000, 30000

From the daily time frame, the BTC price has been hovering between the resistance level of 39000 and 29000 support level.  The number one crypto asset is yet to get the bullish momentum it requires for it to resume its bullish run. 

As it is now, the bearish trend is still having the dominance as the digital asset is still consolidating after the initial drop in bitcoin price. The resistance zone of 37000 has been rejecting the Bulls surge in the recent week showing more pressure to the downside.

Bullish Scenario:

The bullish momentum from the support zones (29000) is always met by a strong bearish candle from the 37000 zones. A close above the zone and above 40000 will probably take the price higher.

Bearish Scenario:

The BTCUSD weekly chart is still bearish and the Bears are holding on to the momentum in the market as we see buyers struggling to close above the resistance levels of 40000. The bear’s rally is expected to continue if they can close below the support level 29000.

Bitcoin BTC News Events

CZ Binance CEO welcomes Regulations of Cryptocurrencies.

Changpeng CZ Zhao, CEO of Binance an Exchange, one of the world’s largest cryptocurrency exchanges transacting high volumes daily. He had to address the growing regulatory pressure on the company by assuring the regulators that they are complying with the regulations and they see it as a journey. 

He sees it as a welcome development as regulations will be a precursor to the mass adoption of cryptocurrency. He also plans to cooperate with authorities worldwide in the future by complying with the authorities.

From the blog, he said that the regulations are positive signs of maturity in the industry and a proper framework would help push the general acceptance and adoption of the digital assets. Having stated that compliance is a journey and his Binance team are yet to get everything right but hopes to get better in compliances’.

Some countries have expressed concerns about the exchange in recent times, countries like U.K, Singapore, Thailand, U.S, Japan and Cayman Island. The Financial Conduct Authority in the U.K. issued a warning that led to the restriction of payment to Binance with credit cards and debit cards. This move affected European users as Binance disabled SEPA payments which is the popular fiat in Europe. 

The CEO remarked that the accusations were due to the uncleared guidelines, and he stated that the company will take major steps to increase its regulatory compliance on anti-money laundering, increase its compliance team, and ahead to local regulations and its future plan.

BTCUSD Conclusion and Projection

The correction phase in the  BTCUSD market is a downtrend on the weekly still sentiment and after the bearish state is over the bullish trend will continue.

The payment of salaries with bitcoin is another landmark achievement for the digital assets globally as more players welcome the opportunity to earn in crypto. 

Bitcoin is in a downtrend in the market as the daily-D1 chart indicates that the bearish momentum persists and the Bull is not able to breach the 40000 levels for a bullish run.

A close below the 29000 levels will bring bitcoin to a lower low on the daily time frame.

James S. Martin
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