Crypto Industry News:
The United Arab Emirates (UAE) is gradually solidifying its position as a destination for Bitcoin mining in the Middle East. The country has become a pro-web3 destination for cryptocurrency-focused companies, with more than 30 free trade zones and a growing share of global Bitcoin mining computing power.
The UAE's adventure in mining began in May, when mining company Marathon Digital partnered with Zero Two, the digital arm of Abu Dhabi's sovereign fund. The joint venture resulted in the creation of two mines with a combined capacity of 250 megawatts (MW).
Abu Dhabi has become the hub of various cryptocurrency mining activities in the UAE due to its energy efficiency and status as the country's hub of commerce.
According to data from the Hashrate Index, the total Bitcoin mining capacity in the UAE is now probably around 400 MW, which is 4% of the global Bitcoin computing power. While the US, China, Russia and Kazakhstan rank in the top four for their share of global Bitcoin computing power, the UAE may gradually move up the list thanks to the resources available.
As a global player in the energy market, the UAE has shifted its focus from oil and gas reserves to solar and nuclear energy. Historically, the country's energy came from natural gas, but recently the share of nuclear and solar power has been growing rapidly.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,540 as the up trend has resumed and then pulled-back from the extremely overbought market conditions on the H4 and Daily time frame chart. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 - $31,091
WR2 - $30,856
WR1 - $30,720
Weekly Pivot - $30,622
WS1 - $30,486
WS2 - $30,388
WS3 - $30,156
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.