- Bitcoin price remains bullish as it consolidates above the $47,000 mark.
- BTC could retreat towards the 200-SMA before restarting the bullish leg.
- Walmart seeks to recruit a cryptocurrency lead, could the retailer accept Bitcoin payments soon?
After having crossing the $47,000 psychological level on Friday August 13, mark over the past 24 hours, the Bitcoin price declined to a low of $46,577 on Saturday where it appears to be consolidating. BTC price action on Sunday was largely uneventful as the bellwether cryptocurrency slid to a low of $45,867 at the $200-day Simple Moving Average (SMA) on Sunday. It s expected that BTC could drop to this point before the next bullish leg.
So, what was the week like for the pioneer cryptocurrency?
Bitcoin Price, The Week That Was
BTC/USD price rose by approximately 9% in the week ending August 15. Slightly higher than the 7% from the previous week, Bitcoin closed Sunday August 15 at $ 47,268 as the bulls and bears cancelled out.
Bitcoin price started the week trading in green after rising by about 51% from the July 20 low at around $29,150. On Monday Bitcoin started the day at $45,170 and reached a high of around $48,972 on Saturday. Rejection from the $50,000 major resistance level saw BTC retreat to the 200-day SMA at $45,867 on Sunday bust still remained bullish.
A similar price action was seen recently as can be seen on the BTC/USD daily chart. After rallying 43% between July 21 and August 02, BTC retreated towards the support provided by the 100-day SMA at $38,622 before rallying to areas to trade above the $47,000 psychological level.
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During this week BTC overcame the $47,000 psychological level and flipped the 200-day SMA from resistance to support. This has been the week’s upside.
If history is to be repeated, it is expected that the flagship cryptocurrency will retreat towards this support wall before starting another leg up.
BTC/USD Daily Chart
Bitcoin Price, The Week Ahead
Bitcoin price prediction for the week ahead remains bullish as the expected pause at the 200-day SMA could be temporary. At the time of writing, Bitcoin price is hovering around $47,907 and appears to battle the $50,000 resistance level.
A daily closure above this level, BTC could jump to around the $52,000 mark after which a push to the $56,000 level would be the next logical move. This would represent almost a 17% gain from the current price.
Note that closing the day below the 200-day SMA at $45,867 Bitcoin price would slip below the $43,000 mark and settle at around the $38,600 mark where the 100-day SMA is currently sitting.
Retailer Walmart To Accept Bitcoin Payments?
A part from the positive parabolic SAR, position of the MACD above the zero line and upward movement of the entry of the RSI in the overbought zone on the daily chart, the news on the retail giant Walmart seeking to hire a cryptocurrency lead could bolster Bitcoin and the entire crypto market over the next week.
According to the advert posted on Walmart’s website, the role will provide leadership on how o identify customer trends technology.
This could be seen by analysts that may be the retailer is preparing to accept Bitcoin payments in the near future. As this remains to be confirmed, it is good news for cryptocurrency enthusiasts as the technology is set for wider adoption across the globe.
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Nancy Lubale
