FX.co ★ Technical Analysis of BTC/USD for April 5, 2022

Crypto Industry News:

In just a few months, selected customers will receive the latest chip developed by Intel. The system was designed specifically with BTC miners in mind. The new chip will be released under the name Intel Blockscale ASIC.

The first processors are to be delivered to selected customers in the third quarter of 2022. According to the manufacturer's assurances, the hash speed will be up to 580 GH / s while maintaining energy efficiency at 26 J / TH. Intel Blockscale ASIC is to support up to 256 integrated circuits per chain.

Interestingly, the company decided to offer customers only the ASIC system. The miners will have to obtain the remaining elements on their own. Each ASIC designed for cryptocurrencies has built-in temperature and voltage sensors.

An official announcement from Intel states that Intel Blockscale ASIC will play a vital role in helping mining companies meet their hash sustainability and scaling goals in the years to come.

Technical Market Outlook:

The BTC/USD pair rally was capped after the Shooting Star candlestick pattern was made at the level of $47,427, but soon enough the bulls responded with increased activity and a rebound towards the level of $46,888. The nearest technical support is seen at the level of $45,836 and $44,758. The strong and positive momentum supports the short-term bullish outlook, so as long as the price stays above the technical support seen at $44,231, the bulls are in control of the market.

Weekly Pivot Points:

WR3 - $52,161

WR2 - $50,140

WR1 - $48,553

Weekly Pivot - $46,309

WS1 - $44,444

WS2 - $43,324

WS3 - $40,487

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 bulls are now approaching the game changing technical supply zone 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.