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Crypto Industry News:
Bitcoin (BTC) has been showing a strong price rebound since the beginning of the year, which also translates into the financial situation of miners. Well, during the first month of 2023, the community engaged in mining the oldest cryptocurrency recorded a 50% increase in its revenues. All this, of course, thanks to rewards for mined blocks and transaction fees.
Last year was a very tough one for the mining sector. For example, on December 28, 2022, BTC mining revenue dropped to a total of $13.6 million. This was the lowest result since October 2020. Combined with the skyrocketing electricity prices amid geopolitical tensions, the miners faced tremendous selling pressure at that point. As a result, many entities were forced to stop the work of their excavators, because it was not profitable in relation to the costs generated. Some of them also began to sell off the bitcoins they earned in order to pay for their operations.
Due to the fact that the bitcoin rate went up throughout January, the mining industry also benefited from it. According to Blockchain.com, this market recorded as much as 50% increase in its revenues within a month.
Technical Market Outlook:
A breakout above the level of $25,000 is needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, but just recently BTC/USD pair had made a five waves to the down side instead. It means, the possible ABC Zig-Zag wave pattern is in progress and currently wave B is being developed. The Bearish Divergence on the H4 time frame charts help the bears. On the other hand, any breakout below the range low ($22,330) would extend the corrective cycle towards the level of $21,466 (November 5th high). Strong and positive momentum support the short-term bullish outlook, however, the market is trading in a extremely overbought conditions.
Weekly Pivot Points:
WR3 - $24,554
WR2 - $23,983
WR1 - $23,640
Weekly Pivot - $23,412
WS1 - $23,069
WS2 - $22,842
WS3 - $22,271
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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