History for the week (From 19July to 25July , 2021)

Opening price: $31,778, closing price: $35,398 => Spread is $3620, up about 11.4%).

Highest price: $35,398, lowest price $29,278 => Spread is $6120 (According to data from Binance exchange).

Fundamental Analysis

We summarized some outstanding information from last week:

Negative news:

• Group of Salvadorans take to the streets to protest El Salvador’s New Bitcoin Law

• EU proposes Law to ‘ensure full traceability’ of crypto Transfers, ban anonymous wallets

• Switzerland’s largest bank UBS warned that clients have crypto FOMO

Positive news:

• Rothschild Investment Corp shared in a new filing that it has more than tripled its bitcoin exposure through GBTC over the past quarte.

• Amazon is looking to accept Bitcoin payments ‘by the end of the year’, and is investigating its own token for 2022.

• Jack Dorsey Calls Bitcoin a ‘Big Part’ of twitter’s future as a Global Currency.

• Circle K beploys bitcoin ATMs in stores across US and Canada — Over 700 machines already installed

• Goldman Sachs survey shows family offices are looking to crypto investments

Technical Analysis

BTC/USDT weekly chart

Bitcoin rallied and closed with a strong green candle, it’s almost a bullish engufing of the previous three weeks. This is a possitive signal for the market, however, we should note that the technical indicators on the weekly chart are still in a downtrend.

The reversal signal will become apparentl if there is a weekly close above 39k in the next few weeks

BTC/USDT daily chart

For the daily chart, the Bitcoin price is breaking above of a decreasing triangle pattern as we predicted in last week’s report.

In Jul, 21st, 2021, we can see a strong bullish candel appeared with a spike in trading volume and the next day’s movement was a continuous bullish candle cluster. It broke all resistance zones (~33k, ~35k) of the channel as the chart above. With the current price action, we expect it’ll break the next resistance at ~41k.

If there is a daily close above range 41k, we can be confident that Bitcoin price is likely to reverse to the upside in the near future.

Goodluck!