Crypto Industry News:
According to the latest figures, the United States, despite the sale of many confiscated BTCs, currently has over $ 4 billion in its oldest cryptocurrency. The above information has been made public by Glassnode.
While the US has not officially invested any money in cryptocurrencies, the amount of BTC in the superpower's wallet is impressive, unlike El Salvador, which regularly buys dip and increases the amount of cultured Bitcoins. These are cryptocurrencies that have been confiscated by the services during many different actions. Last year alone, the US took over more than a billion dollars in crypto, an eight-fold increase compared to 2020.
Jarod Koopman, director of the Cybercrime Unit of the Internal Revenue Service, says:
"In the fiscal year 2019, we had about $ 700,000 worth of crypto seizures. In 2020, it was up to $ 137 million. And so far in 2021 (as of August), we're at $ 1.2 billion ".
The United States does not only focus on cultivating cryptocurrencies from criminals. By December 2021, over 185,000 BTC had been auctioned.
Technical Market Outlook
The BTC/USD pair has made a new swing high at the level of $45,535, but the rally was capped after the Bearish Engulfing pattern occurred. Currently, the market is pulling-back from the highs, but still remains above the upper channel line around the level of $44k. The next target for bulls is seen at the level of $46,673 (38% Fibonacci retracement level).The bulls are in control of the market on the lower time frames as the momentum is strong and positive on the daily time frame chart as well, so the market is bouncing from the extremely oversold conditions. The nearest technical support is seen at $44,397 and $43,484.
Weekly Pivot Points:
WR3 - $50,386
WR2 - $46,257
WR1 - $44,577
Weekly Pivot - $40,396
WS1 - $38,765
WS2 - $34,482
WS3 - $32,499
Trading Outlook:
The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.
