BTC/USD Price Analysis: SMA 200 turns bullish as Microsoft adds Bitcoin symbol to its Excel program

BTC/USD went up from $8,735 to $8,810. The price reached a high of $8,940, but the bears were able to keep the price below the $8,900 level. The bulls will need to gather enough momentum to breach past that resistance level. Investors will be encouraged by the news coming out of Microsoft this Monday. 

Microsoft Excel users will now be able to add the Bitcoin symbol to their spreadsheets to help them record financial data. This is another sign as to how high the tech giants are on cryptocurrencies and blockchain. Reddit user “thepowerx,” was the first one to reveal this news.

BTC/USD daily chart

• The 200-day simple moving average (SMA 200) turned bullish for the first time since May 2018, which is an extremely bullish sign.
• The nearest resistance level on the upside lies at $8,900.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The 20-day Bollinger band is narrowing, which shows low market volatility.
• The moving average convergence/divergence (MACD) indicates bullish momentum as the signal line is diverging away from the MACD line.
• The Elliot oscillator shows two straight bullish sessions.
• The relative strength index (RSI) indicator is trending in the overbought zone.