Crypto Industry News:
Canadian mining company Hut 8 reported that its bitcoin holdings had surpassed the 8,000 mark, amassing its own resources in the wake of the cryptocurrency market crash.
Hut 8 published its latest mining report for August 2022. We read in it that the company increased its resources by 375 BTC in a month. In total, the miners' reserve is 8111 BTC. The company said it was mining 12.1 BTC per day for a month.
While other mining operators were forced to sell some of their BTC holdings in the midst of the ongoing cryptocurrency market downturn, Hut 8 managed to continue its "longstanding HODL strategy" without getting rid of the bitcoin mined.
Hut 8 also announced that it has installed 180 Nvidia GPUs in its main data center in Kelowna, Canada. This center is currently mining Ether. However, after the September update, GPU mining hardware will be used to provide artificial intelligence, "machine learning" or VFX rendering services.
Hut 8 also continued to increase its mining capacity with the acquisition of Chinese ASIC MicroBT miners. The company paid $ 58.7 million for 12,000 new MicroBT M30S, M30S + and M30S ++ miners in October 2021. It also received orders for 1,000 machines a month by the end of 2022.
Technical Market Outlook:
The BTC/USD pair had bounced form a new swing low located at the level of $18,553 and is about to test the consolidation zone lower line seen at $19,521. The market conditions are now neutral as the bounce was made from the extremely oversold conditions. The main trend remains down and the next target for bears is located at $17,600.
Weekly Pivot Points:
WR3 - $20,411
WR2 - $20,111
WR1 - $19,911
Weekly Pivot - $19,840
WS1 - $19,610
WS2 - $19,509
WS3 - $19,209
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
