Crypto Industry News:
Stronghold Digital Mining (SDIG), a cryptocurrency mining company in Pennsylvania, is turning waste from old power plants into energy to power hundreds of Bitcoin mining platforms.
The company collects the remaining waste material from the coal mining process and burns it in what it says is a controlled emission environment at its power plants.
Coal waste can cause a number of environmental problems, such as water and air pollution. Collecting this waste and safely disposing of it while generating cryptocurrency mining energy is a productive way to solve this problem.
The state of Pennsylvania is the third largest producer of coal in the United States with an estimated amount of carbon waste at £ 881 per £ 2,200 excavated. Stronghold estimates Pennsylvania alone has over 220 million tonnes of harmful waste.
Bitcoin and other proof-of-work cryptocurrencies have recently caught the attention of regulators due to their dependence on energy-intensive processes to mine and ensure network validation.
Technical Market Outlook:
The BTC/USD pair is approaching the key supply zone as it continues to move higher inside the ascending channel. The nearest technical support is seen at $43,337 and $42,607. The next target for bulls is the supply zone located between the levels of $44,785 - $45,823. The market is trading inside the ascending channel and as long as the price stay inside the channel and above the technical support seen at $41,803 the outlook remains bullish. The strong and positive momentum supports the view.
Weekly Pivot Points:
WR3 - $48,672
WR2 - $45,530
WR1 - $43,812
Weekly Pivot - $40,165
WS1 - $38,913
WS2 - $35,770
WS3 - $33,971
Trading Outlook:
The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The level of $45,427 is the 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, otherwise the bearish pressure might push down the BTC towards the level of $29,254.