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Bitcoin price analysis: Technical indicators suggest a new bull run is on the way


Bitcoin has grown 25% in a fortnight, smashing through several resistance levels.

  • Bitcoin's exponential moving average (EMA) value is currently hovering around its 21-week high.
  • Since May 22, Bitcoin whales have accrued an additional 130,000 BTC.
  • Despite a massive number of BTC options contracts expiring later today, the digital asset's value has remained fairly stable.

After a couple of months of continued turbulence, Bitcoin's price seems to have found support around its all-important AU $55k psychological barrier. Over the past week, the digital asset has showcased returns in excess of 23%. BTC is currently trading at AU $53,900.

Bitcoin's surge from AU $40k to AU $55k saw the crypto asset's exponential moving average (EMA) rise to its 21-week high. EMA is widely considered to be a solid indicator of a bull market and in pseudonymous crypto Twitter analyst Rekt Capital's opinion, BTCs current technical markers seem to quite clearly be pointing towards a "bull run" in the near term.

Additionally, it also bears mentioning that despite the recent volatility, Bitcoin whales have continued to accumulate, while retail investors sat on the side-lines. In this regard, data released by blockchain analytics firm Santiment shows that the number of addresses holding anywhere between 100 and 10,000 BTC reached its all-time high a few days ago."They [whales] have added 170,000 more BTC since May 22nd, and a staggering 130,000 BTC in the past 4 weeks alone," the report further reads.

How to buy Bitcoin

Microstrategy promises to buy more BTC

Michael Saylor-led business intelligence and analytics company Microstrategy has pledged to accrue even more Bitcoin in the near term even though the firm reported an impairment loss of US $424.8 million (for Q2 2021) earlier today. That being said, this figure is a bit misleading since the aforementioned impairment loss only takes into consideration the value of BTC at the end of Q2 therefore not accurately depicting the asset's "realized loss". The report further adds:

"Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy."

In this vein, it also bears mentioning that just a few days ago, Tesla too released its Q2 financial report, revealing an impairment loss of US $23 million on its BTC holdings.

Looking ahead

Later today (i.e. Friday, July 30), a total of 42,850 Bitcoin options contracts will expire, potentially allowing bulls to draw profits from the US $40,000 call (buy) option. This could potentially result in some volatility, however, at press time, BTC has continued to hold steady around the US $40k range.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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