10.02.202109:50 Forex Analysis & Reviews: Technical Analysis of BTC/USD for February 10, 2021

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Crypto Industry News:

A recent study by Glassnode revealed that bitcoin supply continued to decline. The reason is that investors are gradually acquiring and accumulating assets with the intention of holding in the long term.

The data shows that approximately 78% of mined bitcoins are lost or kept. Glassnode adds that this leaves less than 4 million BTC to be shared among future market entrants. Potential interested parties may include PayPal, Square, S & P500 companies, ETFs and the like.

The recent rise in BTC price may have been fueled by retail traders as well. Twitter community investment sentiment hit record highs after Tesla announced that it had bought $ 1.5 billion worth of bitcoins in January.

Grayscale continues to grow its Bitcoin Trust, and its latest tweet suggests institutional investment firm-managed assets hit a record high of over $ 33 billion.

Technical Market Outlook:

The BTC/USD pair has been seen consolidating the recent gains in a narrow zone located between the levels of $44,992 - $47,995. The next target for bulls is seen at the level of $50,000. The key short-term technical support is located at the level of $42,560 and $44,692. Please notice, that despite the strong and positive momentum, the market conditions are now extremely overbought, so some market reaction is expected once the level of $50,000 is hit.

Weekly Pivot Points:

WR3 - $51,306

WR2 - $46,193

WR1 - $42,645

Weekly Pivot - $37,209

WS1 - $34,108

WS2 - $28,930

WS3 - $25,324

Trading Recommendations:

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 $50,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken.

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