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flag ★ Technical Analysis of BTC/USD for September 29, 2021

Crypto Analysis:::2021-09-29T07:52:32

Technical Analysis of BTC/USD for September 29, 2021

Crypto Industry News:

High-performance computing company Northern Data has announced that it has acquired the Bitfield bitcoin mine. According to the press release, all major shareholders have signed a binding agreement to buy the entire Bitfield business worth approximately $ 460 million. Under the agreement, Northern Data will acquire 86% to 100% of Bitfield shares.

Northern Data claims it has become a "leading global Bitcoin mining company" with the acquisition, giving it immediate access to 6,600 operational ASIC miners. By the beginning of the second quarter of 2022, an additional 26,000 new miners are expected to be deployed primarily in Canada and the United States.

"With this acquisition, we are adding BTC mining to our three existing companies - bitcoin hosting and services, altcoin mining and cloud computing," said Aroosh Thillainathan, Founder and CEO of Northern Data AG.

Northern Data Management expects revenues to be approximately $ 210 million to $ 260 million in 2021.

Bitcoin mining difficulty has increased in the past 2 months, from an annual low of 85 million terahashes per second (TH / s) on July 3, to a local high of 140 million TH / s on July 21. The total hashing rate of the Bitcoin network at the time of this writing was 136 million.

After China's initial attacks on Bitcoin mining, the difficulty of BTC mining decreased as Chinese miners left the network, while the recent spike in hash rate proves miners are returning to the network.

Technical Market Outlook

The BTC/USD pair has hit the level of $40,635, which is the key short-term technical support for the bulls and bounced towards the nearest technical resistance seen at $43,159. The key technical support located at the level of $39,526 is getting closer as the momentum remains weak and negative. The market keeps making lower highs and lower lows as it trades under the trend line resistance as well.

Weekly Pivot Points:

WR3 - $55,572

WR2 - $51,601

WR1 - $47,548

Weekly Pivot - $43,366

WS1 - $39,311

WS2 - $35,303

WS3 - $31,312

Trading Outlook:

According to the long-term charts 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. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).

Technical Analysis of BTC/USD for September 29, 2021

Analyst InstaForex
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