Crypto Industry News:
A dozen or so percent increase in the Bitcoin rate (the cryptocurrency currently costs $ 44,000) dragged the entire market with it. This was enough for the total capitalization to exceed $ 2 trillion.
The current market cap of Bitcoin is $ 835,614,643,661. Thus, the oldest cryptocurrency is worth more than the Russian ruble, which is losing its value every day. The current price of the RUB is $ 0.0098 with a capitalization of approximately $ 625 billion.
Technical Market Outlook
The BTC/USD pair has been rallying above the level of $40k and made a local high at the level of $45,320. The next target for bulls is seen at the level of $45,347 and at the swing high located at $45,826. Currently, the bulls are pulling-back from the highs after the Pin Bar candlestick was made at the H4 time frame chart. The immediate technical support is seen at $41,531. The strong and positive momentum supports the short-term bullish outlook on BTC.
Weekly Pivot Points:
WR3 - $49,623
WR2 - $42,432
WR1 - $40,007
Weekly Pivot - $37,159
WS1 - $34,592
WS2 - $31,509
WS3 - $29,166
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.
