Crypto Industry News:
There are many indications that the selling pressure on bitcoin is declining. Data in this regard was provided by CryptoQuant, referring to the indicator of stablecoins stored on exchanges and the behavior of miners. At the same time, institutional investors retain significant parts of their assets.
The narrative that BTC investors are constantly withdrawing their assets from exchanges, which should ease the selling pressure, was confirmed by the on-chain data provided by CryptoQuant as well as bitcoin's recent price action. Referring to the Stablecoins Ratio - that is, BTC reserves divided by the reserves of stablecoins on exchanges - the analyst noted that "the potential selling pressure is weakening."
This is because the amount of stablecoins in trading venues has reached an all-time high, which could lead investors to buy BTC and other altcoins instead of selling them.
In addition, miners also suspended their sales activities in early 2021. Further CryptoQuant data revealed that known miners' addresses have stopped uploading their newly distributed bitcoins to exchanges, meaning their selling pressure has also declined
Technical Market Outlook:
The BTC/USD pair has been seen trading above the level of $59,000 again, so the bulls are testing the key short-term supply zone located between the levels of $60,000 - $58,322. Any sustained violation of this level would mean another wave up in progress towards the level of $64,920. On the other hand, a failure would likely put the Bitcoin back to the consolidation zone back again.
Weekly Pivot Points:
WR3 - $67,229
WR2 - $63,211
WR1 - $60,975
Weekly Pivot - $56,852
WS1 - $54,336
WS2 - $50,318
WS3 - $48,012
Event despite the recent correction from $64,789 to $47,060 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 $50,000 is clearly broken on the daily time frame chart (daily candle close below $50k).