FX.co ★ Technical Analysis of BTC/USD for April 26, 2022

Crypto Industry News:

Ross Ulbricht is the founder of the now-disused darknet Silk Road market, who is serving a life sentence. A few years ago, he was sentenced to double life imprisonment and a penalty of $ 183 million. As it turns out, Ulbricht has already repaid the entire amount. The court used for this purpose the bitcoins confiscated during the closing of Silk Road.

According to the latest documents, a large amount of BTC, BCH, BTG and BSV will be lost to the court. The proceeds from the sale of these assets will be used to cover Ulbricht's judgment and other purposes the government deems appropriate. In the settlement, we can read:

"Ulbricht further waives all rights, title and interest in 69,370 BTC and agrees that the property will be transferred to the United States and disposed of lawfully by the United States."

These 69,370 BTCs were seized in 2020 by Justice Department investigators from a hacker who attacked the Silk Road market even before it was shut down.

Silk Road was renowned as a place to facilitate the sale of drugs and other illegal goods. It was often referred to as the first modern darknet market. It operated from 2011 until its final closure in 2014 by the FBI. In order to maintain the anonymity of users, all transactions were made with the use of cryptocurrencies.

Technical Market Outlook:

The BTC/USD pair had retraced 50% of the last wave down and hit the level of $40,576 again. However, it does not mean the down trend was terminated, because it looks just as another regular and typical retracement. In order to terminate the down trend, bulls need to break through the last swing high located at $42,952 and head towards the level of $50k. The nearest technical resistance is seen at the level of $40,871 and the immediate technical support is located at $40,012.

Weekly Pivot Points:

WR3 - $45,929

WR2 - $44,377

WR1 - $41,615

Weekly Pivot - $40,006

WS1 - $37,224

WS2 - $35,762

WS3 - $32,950

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $32,899.