09.04.202109:53 Forex Analysis & Reviews: Technical Analysis of BTC/USD for April 9, 2021

Crypto Industry News:

The miners have returned to accumulation mode. Since the beginning of February, 5,000 BTC have been added to the pool of unused Bitcoin supply.

So it seems that those mining BTC like block prizes are holding back on anything until prices rise again. The volume of direct transfers of funds from mining addresses to cryptocurrency exchanges also decreased. From mid-March by almost 40%.

Data from Glassnode shows miners' BTC balances have been increasing since late March, following a heavy outflow in January. The volume of sales consistently decreased in February and at the beginning of March.

Rafael Schultze-Kraft, Technical Director at Glassnode, highlighted several indicators that confirm the recent accumulation of miners in terms of flows from miners 'addresses, unspent BTC supply and changes in miners' position.

Glassnode data shows that unspent BTC resources that were never transferred from the original receiver (miner) address began to grow after January's sharp decline when 15,000 inactive coins were first transferred from mining addresses.

Technical Market Outlook:

The BTC/USD pair has broken out from the consolidation zone under the level of $60,000 and made a new local low at the level of $57,806, which is just below the key short-term technical resistance located at $58,522. The nearest technical support is seen at the level of $57,247. If the bulls fail to deliver the new swing high, then the next target for bears is seen at the level of 50% Fibonacci retracement located at $55,227. The key short-term technical support is seen at the level of $54,719 and if violated, then the 61% Fibonacci retracement at $54,070 will be tested. The next target for bulls is the ATH located at the level of $61,632.

Weekly Pivot Points:

WR3 - $65,565

WR2 - $62,712

WR1 - $60,648

Weekly Pivot - $57,470

WS1 - $55,041

WS2 - $52,150

WS3 - $49,837

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 $41,125 is clearly broken on the e daily time frame chart.