BTCUSD Weekly Outlook and Bitcoin Fundamentals, 16th July 2021
BTCUSD Forecast and Fundamentals for BTC
Introduction
The Taproot is a soft-fork that works on the Bitcoin network. It will interest the Olymp Trade investors that the Taproot is to improve privacy, encoding, speed, and scripting capabilities. The state of bitcoin is still attracting investors as the asset class has proven to be a reliable coin.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 65000, 45000
Monthly Support Levels: 35000, 30000, 29000, 20000
The Bitcoin core project (0.21.0) was released in January which allows some levels of experiment on the signet which added signature requirements to block validation but considered being more reliable than Testnet.
The bitcoin is entering its fourth month on a bearish trend has seen the price drop from the ATH of 65000. The momentum has reduced on the sell option as we see that price has not gone below the low of 29000.
If the support zone of the market is solid, we may see the buyers open a long position for another bullish rally.
Weekly Chart
Weekly Resistance Levels: 65000, 47000, 41000
Weekly Support Levels: 28750
The weekly chart shows that the price of bitcoin has been consolidating between the high of 41000 and the low of 28750 for the past five weeks. Indian brokers are optimistic that the bitcoin price is still bullish in the long term.
Feeds from the IntoTheBlock team states that the numbers of Bitcoin investors who are holding on to their coin have risen to a new all-time high despite the price of bitcoin still under $41000.
Daily Chart
Daily Resistance Levels: 41500, 36680, 50000
Daily Support Levels: 28798, 30100
The BTC price has been ranging for a while without a firm direction after the bearish surge that pushed the price down because of different factors affecting the BTCUSD in terms of regulatory compliance and environmental protection.
Recent waves of COVID-19 in some parts of the world will like to help bitcoin remain stronger as some investors will look for a safe haven should there be another emergency.
A breakout below 28798 will take the price lower and lower but a strong bullish surge from the support zone with a close above the 41500 will take the price up to the high of 50000.
Bullish Scenario:
The Bull’s momentum from the support zones (28798) is weak, if the price cannot close below the support zone, we may see long position traders dominate the zones for an uptrend.
Bearish Scenario:
The daily chart still favors a bearish move having dominated the market from the resistance zones and creating lower lows from the 65000 level. The bear’s rally is expected to continue if they can close below the support level 28798.
Bitcoin BTC News Events
Former U.S Treasury Secretary Mnuchin favors the buying of Bitcoin and according to him, “it is perfectly fine.” While on a live appearance show (Squawk Box) on CNBC, he sees buying of bitcoin as that of Gold or other assets individuals might want to have in their portfolio.
He further stated that the largest cryptocurrency needs to be regulated, irrespective of individual opinions. However, he gave credit to the blockchain technology of Bitcoin as incredible for allowing many users are relating to the technology in Fintech and finance.
U. S Diplomat and El Salvador
The use of bitcoin has to be well regulated in El Salvador against illicit use as a U.S diplomat warns the President of El Salvador. Since the county has accepted the coin officially, Bitcoiners are promoting BTC and encouraging many to have wallets for the cryptocurrency.
There is still a wide gap of awareness of Bitcoin amongst the citizens of El Salvador. Promoters opened a restaurant and Cafe’s shop called “Bitcoin beach” where bitcoin enthusiasts come together to interact and plan further ways to integrate the acceptance of Bitcoin in the country and educate new users about the number one coin in the cryptocurrency.
Conclusion and Projection
BTCUSD Investors and Indian brokers are still certain that the price of bitcoin will still rise after the correction phase is over. If the price of bitcoin should close below the low of 28000 levels, we might see the bearish trend go down more. However, if the support zone should hold, we may see the price rise from the area for another bullish surge.
According to Maggie Wu, she noticed that the El Salvador population has little idea of bitcoin and the numbers of companies that accept the coin for transactions are few. She sees Brazil and Mexico as better and promising countries in adopting Bitcoin as an official means of exchange.
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