FX.co ★ Technical Analysis of BTC/USD for April 28, 2022

Crypto Industry News:

According to the latest Bitcoin Mining Council (BMC) report, the Bitcoin mining industry continues to improve its sustainable energy use and technological efficiency. A survey conducted in Q1 2022 by BMC shows three indicators which include: 'electricity consumption, technological efficiency and a sustainable energy mix'. BMC researchers were able to test approximately 50% of the network's computing power, which was 100.9 exashes per second (EH / s) on March 31, 2022.

The sector inquiry showed that of all participants, 64.6% use electricity in a sustainable energy mix.

"Based on these data, it is estimated that the balanced energy mix of the global Bitcoin mining industry is now 58.4%, or has increased by around 59% year-on-year, from Q1 2021 to Q1 2022, making it one of the the most sustainable industries in the world "- emphasizes the BMC report.

Microstrategy CEO Michael Saylor also made a statement in BMC's Fourth Quarterly Report. "In the first quarter of 2022, hashrate and the associated security of Bitcoin networks improved by 23% year-on-year, while energy consumption fell by 25%."

"We have seen a 63% year-on-year increase in productivity thanks to advances in semiconductor technology, the rapid expansion of mining in North America, the Chinese Exodus, and the worldwide adoption of sustainable energy and modern Bitcoin mining techniques," added Saylor.

In addition to Saylor's comment, the report cited Core Scientific's co-founder Darin Feinstein. Core Scientific's director explained how BMC membership has grown in the past 12 months. "BMC's membership hashrate increased from EH 29 early to EH 101 in the first quarter of 2022." Feinstein said. "In just one year, BMC now represents 50% of the global Bitcoin Mining Network with members spread across 5 continents."

Technical Market Outlook:

The BTC/USD pair has made a new swing low at the level of $37,730 and then bulls started a pull-back. Nevertheless, 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 $40,785 and the immediate technical support is located at $37,730 and $37,509. Please notice, the Bitcoin is trading below the short-term trend line resistance as well, so the pull-back should be considered shallow.

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.