Technical Analysis of BTC/USD for March 9, 2021

Crypto Industry News:

In today's press release, Galaxy Digital Capital Management, the financial services and investment management subsidiary of Galaxy Digital, confirmed that it is likely to start trading the Galaxy Bitcoin CI ETF this week.

With the launch, Galaxy will join TSX Purpose as one of the pioneering ETF products in North America, where US regulators have yet to approve a single application.

Purpose has received tremendous interest and related volumes since the ETF's launch last month, around the same time Galaxy filed its application with regulators.

"We believe that the emerging digital asset class presents attractive opportunities for growth and diversification. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to Bitcoin" - commented Steve Kurz, partner and director of asset management at GDAM in the release.

Institutional demand for exposure to Bitcoin has not been offset by price volatility and bad press. Meanwhile, the ETF boom provides new competition to alternative market offerings, notably the Greyscale Bitcoin Trust.

Technical Market Outlook:

The BTC/USD pair has broken above the supply zone located between the levels of $52,039 - $52,501 and made a new local high at the level of $54,381 (in the time of writing the article). The next target for bulls is seen at the level of $54,908. The momentum remains positive, but it points down already, so any violation of the level of $52,039 might be the trigger to do lower towards $49,422. The larger time frame trend remains up and there is no indication of the up trend termination of reversal yet.

Weekly Pivot Points:

WR3 - $61,059

WR2 - $56,697

WR1 - $53,887

Weekly Pivot - $49,123

WS1 - $46,093

WS2 - $41,457

WS3 - $38,335

Trading Recommendations:

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 $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.

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

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