MasterCard Supports Cryptos While Bitcoin Rallies
Naeem Aslam | Jul 28, 2021 02:40AM ET
MasterCard (NYSE:MA) has shown a strong interest in blockchain technology in recent months. The company is working hard to make cryptocurrencies the dominant mode of payment in the near future. MasterCard is not only actively researching how to contribute to the ever-expanding asset class, but it is also supporting startups focused on crypto assets.
Through the company’s "Start Path" program, emerging players are given access to MasterCard’s resources, such as a network of professionals and technology. Seven startups have joined the program since its inception, including Domain Money and Uphold. The company's initiative will aid in shaping the industry and ensuring consumer security and protection.
In terms of Bitcoin price analysis, the price could be forming a double top on the daily time frame as it approaches the 100-day SMA this week. However, given the momentum we have seen this week, it is highly unlikely that the bearish pattern—a double top—will hold.
Chances are that the Bitcoin price will move above the 40K price level this time and we could see the beginning of another bull rally. The RSI is clearly showing signs of overbought, but remember that the RSI becomes irrelevant when it comes to Bitcoin’s bull rally as it can stay overbought for an extended period of time. The next meaningful resistance is going to the 200-day SMA for the Bitcoin price.
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