14.04.202108:40 Forex Analysis & Reviews: Technical Analysis of BTC/USD for April 14, 2021

Crypto Industry News:

Many larger and smaller cryptocurrencies broke the current price records at the same time. The digital asset raid is in full swing, driven in large part by today's launch of Coinbase's Nasdaq stock listing.

Bitcoin (BTC) has just surpassed $ 64,000 for the first time in history on all major exchanges and is definitely on the move towards leaving behind the next key price levels.

The total cryptocurrency market capitalization currently stands at $ 2.24 trillion. That means it is now a hair short of exceeding Apple's capitalization.

The entire cryptocurrency industry seems to have gained a momentum appropriate to the moment - today Nasdaq will start listing the shares of one of the largest American cryptocurrency exchanges - Coinbase.

Coinbase's debut may be the largest public debut in the history of a technology company, the size of which will even be overshadowed by the start of listing of the social media giant - Facebook.

Technical Market Outlook:

The BTC/USD pair has made a new ATH at the level of $64,786 (at the time of writing the analysis). It also means, the market hit the 100% Fibonacci extension level located at $64,068. The momentum remains strong and the next target for bulls is seen at the level of $70,000. The immediate support is seen at the level of $61,682 and $60,000, but the key short-term technical support is located at $54,719. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $68,058

WR2 - $64,489

WR1 - $62,269

Weekly Pivot - $58,989

WS1 - $56,726

WS2 - $53,045

WS3 - $51,108

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $54,719 is clearly broken on the e daily time frame chart.