BTCUSD Weekly Outlook – July 31, 2021

Last Updated on July 31, 2021

Bitcoin Price Forecast

Introduction

The Bitcoin brokers are excited about the feeds they received about Amazon accepting bitcoin as a payment option from their customers. This is positive news for the bitcoin community as it shows an increase in mainstream adoption of digital assets.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 29th July 2021

Monthly Resistance Levels: 46990, 41589

Monthly Support Levels: 28230

The Month is showing a possible bullish drive in the market as the price of BTC started reversing from the support level of the month of July. If July can end up on a bullish note, we may see more buyers open up long positions as we can see that the bitcoin jumped from the support region of 28230 after testing the low for a long period of time in the past weeks. 

If the bull’s momentum is stronger, we may see the BTCUSD bullish run close above the resistance zone of 41589 will take the price higher towards the next resistance of the 46990 zones.

Weekly Chart

BTCUSD weekly chart - 29th July 2021

Weekly Resistance Levels: 41800,46989 

Weekly Support Levels:  28800, 36800, 36600

The price of BTC has finally broken out above the trapped resistance zones of 36600 while the support levels of 28800 were the springboard for bitcoin brokers. If the bullish run has resumed, we are likely to see the price take out the 41800 zones for another rally towards the next resistance level of 466989 which is the psychological zone for those who are in short positions. 

The short position traders hope that the previous support level will act as a resistance zone to reject the bull’s advancement.

Some analyst believes that the recent bullish move on the chart happened because of the retail traders and their interest in owning more of the number one coin in the market. From the feeds, it was observed that the Whales are holding about 25% of bitcoins, the EFT collections hold about 16% along with exchanges while minnows are holding about 13%. Collectively, the over 150 million customers who are holding bitcoin is about 32% outweighing the whales according to Willy Woo’s analysis.

Daily Chart

BTCUSD daily chart - 29th July 2021

Daily Resistance 41419, 458827

Daily Support 36802, 28798

The Bullish surge in the bitcoin market shows that the bulls are opening long positions for a rally on the daily chart. We can see that the previous resistance zone of 36802 has been broken because of the bullish momentum that happened over the weekend. 

If the bullish momentum should continue, we may see price breaking through the resistance levels of 41419 and 45827 in the near future. The support level of 28798 was the zone buyers took over the market with a bullish engulfing candle on the 21st July 2021 that has led the buyers to dominate the market for some days.

Key areas on the chart will be significant for the traders as we wait for the price of bitcoin to either break through them or it reverses from the resistance levels.

The Delta variant of the virus (COVID19) is actually spreading across the globe and authorities took steps to avoid another total lockdown. They impose restrictions in some areas where the number is on the increase to avoid easy transmission of the virus.

Bullish Scenario:

Long position online brokers have gotten an opportunity to go long as the market sentiment changes in the past days seeing the BTCUSD make about 10% jump from the lowest low of 28798 tuning the trend into a bullish run on the daily chart.

 Bearish Scenario:

The resistance zones of 41419 and 458827 on the daily time frame are zones that the bears will watch if they can take over the market from those areas. Price is likely to turn from those levels if the bulls can’t overturn the market in their favor.

Bitcoin BTC News Events 

Amazon welcomes Bitcoin

The news about the top online shopping giant Amazon showing interest in the cryptocurrency in terms of digital currency and payments options as they search for a competent person who can fill in the position of Digital currency and Blockchain Product Lead in the company. 

Amazon has been successful in other payment methods and the Amazon payment and Experience team is looking for ways to move the organization forward in the right direction as blockchain technology has proven to be a reliable tool for modern technology and they are inspired by the happenings in digital currency.

Beyond the acceptance of bitcoin as a payment option, other major coins will be accepted as well. Amazon’s future plan is to release its own native token. This token will be earned through a loyalty scheme and it can be used for payment of goods or services.

BTCUSD Conclusion and Projection

If the Bullish run must be sustained in the market, the dominance will be from the retail accumulation of bitcoin in the middle of the dip triggering buying bias in the market. News about Amazon’s plans in accepting BTC has pushed the price up above 10% since the news broke out.

If the BTCUSD bullish run is sustained and the price can close over the 41419 levels, it will attract more buying position in the market for another bullish surge,

James S. Martin
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