FX.co ★ Technical Analysis of BTC/USD for September 30, 2021

Crypto Industry News:

Salvadoran President Nayib Bukele has released a video showing the visible progress of a Bitcoin (BTC) mine powered by volcanic geothermal energy.

The video shows an overview of a power generating plant, with techniques supporting cryptocurrency mining platforms.

Bukele did not write much about the process shown in the video, only writing about the "first steps" tagged with Bitcoin, alongside emoticons depicting the volcano and the flag of El Salvador.

The post came months after Bukele announced plans to build a geothermal Bitcoin mine. The president said in June that he would instruct the state-owned electricity company LaGeo to run a Bitcoin mine powered by "very cheap, 100% clean, 100% renewable, zero-emission energy."

El Salvador officially approved Bitcoin as legal tender on September 7. The latest move by the Salvadoran government confirms the huge potential of Bitcoin supporters to reduce BTC's carbon footprint by harnessing a wide variety of renewable energies including hydro, solar and wind power.

According to Tesla CEO Elon Musk, Bitcoin already hit its renewable energy benchmark in July, suggesting the percentage of renewable energy consumption was "probably 50% or more."

Technical Market Outlook

The BTC/USD pair has hit the level of $40,635, which is the key short-term technical support for the bulls and bounced towards the nearest technical resistance seen at $43,159. The key technical support located at the level of $39,526 is getting closer as the momentum remains weak and negative. The market keeps making lower highs and lower lows as it trades under the trend line resistance as well.

Weekly Pivot Points:

WR3 - $55,572

WR2 - $51,601

WR1 - $47,548

Weekly Pivot - $43,366

WS1 - $39,311

WS2 - $35,303

WS3 - $31,312

Trading Outlook:

According to the long-term charts 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 $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).