Technical Analysis of BTC/USD for September 22, 2020

Crypto Industry News:

Hackers have been trying for years to crack a Bitcoin wallet containing 69,370 BTC. Unsuccessfully. Many have tried (and are still trying) to get in in hopes of snagging more than $ 750 million worth of BTC. The question is, does this address actually have any balance?

A bitcoin wallet with just over 69,000 BTC is of interest to many who might be interested in its potential content. Anyone who is able to take the challenge has the opportunity to try to get inside. The problem is that no one has "become happy" in the last two years.

It just so happens that this bitcoin wallet contains the seventh largest BTC address in the world. According to cybersecurity expert Alon Gal, who works on Twitter under the pseudonym "UnderTheBreach", hackers have recently tried to get in. The Gaul reported that no one had announced "success" in the case.

According to another assumption, it may be almost impossible to break this wallet. It is quite possible that the wallet is protected by a long, unique and hard-to-break password. In addition, the wallet.dat file can be encrypted using a combination of AES-256-CBC and SHA-512. They are very slow to process, which makes applying brute force to them much more difficult.

Technical Market Outlook:

The BTC/USD pair has felt out of the ascending channel and made a new local low at the level of $10,262, just ahead of the key short-term support seen at the level of $10,227. The upside momentum had clearly decreased and if the bearish pressure intensify, the market might extend a correction towards the level of $10,000 (intraday support, psychological level) or $9,863 (lower technical support). The weekly trend remains up.

Weekly Pivot Points:

WR3 - $12,186

WR2 - $11,616

WR1 - $11,271

Weekly Pivot - $10,739

WS1 - $10,293

WS2 - $9,807

WS3 - $9,393

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

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The material has been provided by InstaForex Company - www.instaforex.com