Crypto Industry News:
Two Bitcoin mining giants are fighting for cheap electricity in a tiny town in Texas.
Both Bitdeer, the mining company that emerged from the Chinese giant Bitmain, and Riot Blockchain, one of the leading publicly traded mining companies in the United States, run data centers at a former aluminum smelting facility in the Texas city of Rockdale.
The municipal aluminum smelter was previously the largest in the world until the company that ran it, Alcoa, began shutting down operations in 2008. According to Lee Bratcher, president of the Texas Blockchain Council, the facility's energy capacity was wasted from the time Alcoa left until the miners founded mine.
Despite being a small rural town of just 5,600 inhabitants, Rockdale exhibits all the benefits sought by industrial-scale miners - cryptocurrency-friendly politicians, large plots of land with abandoned industrial infrastructure ripe for re-use, and cheap electricity prices thanks to the deregulated market in Texas.
Rockdale Mayor John King describes the relationship between the local grid operator, the Texas Electrical Reliability Council, and miners as mutually beneficial. He stressed that miners regularly use electricity that would otherwise be wasted, and that they could also cease operations immediately if energy was needed elsewhere.
Technical Market Outlook
The BTC/USD pair has broken above the short-term trend line resistance around the level of $62,000 as the momentum starts to pick up again. The market made a local low at the level of $57,740 during an increased volatility session and since then the Bitcoin price is rising again. The next target for bulls is seen at the level of $62,898 and $63, 966. On the other hand, the first Fibonacci retracement level, the 38% level, is seen at $56,934. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - $70,127
WR2 - $66,705
WR1 - $64,387
Weekly Pivot - $60,937
WS1 - $58,287
WS2 - $54,685
WS3 - $52,480
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 $66,974 (the previous ATH level). 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).
