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Crypto Industry News:
At the time of this publication, with bitcoin regaining its balance, some key on-chain metrics seemed to suggest that selling pressure may not have been fully achieved yet, especially on the part of BTC miners.
According to Glassnode, Bitcoin Miner Outflow Multiple hit its monthly peak after the BTC price dropped. The aforementioned metric relates to the period when the amount of bitcoins flowing from miners' addresses is higher than the historical average.
At the same time, the outflow volumes of Bitcoin miners also increased to a monthly high from over $ 4.5 million in the average of the last 7 days.
Now, while at first glance this may seem alarming in the short term, the fact is that the long term is still green.
It is worth taking a look at the Miners' Position Index. As the market corrected in mid-January, the MPI rose to a high of 12.65, which underlines the unusually high sales pressure from miners (an index reading above 2 suggests that most miners are selling). On the contrary, the recent decline in Bitcoin's price only pushed the MPI to 3.50 and thus to 2.56 at the time of publication.
Moreover, other data seem to suggest that miners' small outflows may have contributed to the high outflow volumes as they need to consistently balance their cash reserves.
Technical Market Outlook:
The BTC/USD pair has been seen going down towards the recent swing low made at the level of $44,940. The recent rally had been capped at 50% Fibonacci retracement located at the level of $51,599. The next target for bears is seen at the level of $43,714 and $41,759. The key technical support from the daily time frame chart is located at $41,944. The weak and negative momentum supports the short-term bearish outlook for the BTC market.
Weekly Pivot Points:
WR3 - $75,571
WR2 - $67,184
WR1 - $63,246
Weekly Pivot - $54,169
WS1 - $50,671
WS2 - $42,010
WS3 - $37,979
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 $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
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