Crypto Industry News:
Institutional investors' appetite for bitcoin seems to be growing every day. Companies currently have over 460,000 BTC, representing 3% of the total supply of cryptocurrencies in circulation. The data shows that 24 entities have accumulated more than 460,500 BTC to date, which is equivalent to $ 22 billion at the current price of bitcoin.
This figure excludes the 3 million BTC that were lost forever. Mike Novogratz estimates that if institutions continue to buy at the pace they have been doing so far, there may be a shortage of BTC soon in relation to the huge demand.
The current list of BTC holders includes MtGox K. K., which has nearly 141 690 BTC (USD 6.6 billion), of course it is difficult to consider this stack in terms of investment. Next comes Block.one with an estimated value of 140,000 BTC ($ 6.5 billion). MicroStrategy has approximately 71,000 BTC ($ 3.3 billion). Last week, Tesla joined the list, having bought 38,500 BTC for around $ 1.5 billion.
Tesla's recent investment decision has largely contributed to BTC's market capitalization exceeding the value represented by the electric car maker, reaching the ninth position among all tradable assets.
Technical Market Outlook:
The BTC/USD pair has made a new higher high at the level of $49,598 and then the slide down occurred. The local low was made at the level of $45,641, but the market still trades inside of the main upwards channel. The next obvious target for Bitcoin is $50,000. In the meantime, the local technical supports are: $45,902 and $43,720. However, if the market is out of the main channel and the price is below the level of $43,125 ( overbalance level), then the chance for a deeper correction are high, so please keep an eye on this levels.
Weekly Pivot Points:
WR3 - $65,941
WR2 - $57,841
WR1 - $54,644
Weekly Pivot - $45,671
WS1 - $42,441
WS2 - $34,081
WS3 - $31,183
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 $50,000. 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.
