Technical Analysis of BTC/USD for April 1, 2021

Crypto Industry News:

The price of the largest cryptocurrency in terms of market capitalization has exceeded $ 1.1 trillion.

This increase means that the size of the Bitcoin market has exceeded Canada's M1 money supply of $ 1.104 trillion, according to CEIC data.

Bitcoin's market capitalization is also greater than the M1 money supply of the Australian dollar, which currently stands at $ 1,079 trillion. Surpassing Australia and Canada, Bitcoin's market capitalization is once again large enough to make BTC appear in the top ten in the prestigious ranking.

M1 refers to the total supply of physical money in circulation, as well as checks and other forms of demand deposits held by non-banking institutions, public companies and private sector organizations. Bitcoin's entry into the world's top ten M1 money supply charts is another indication of the growth rate of BTC as a currency. In November 2017, Bitcoin was only 32nd.

BTC market capitalization in excess of the M1 money supply in Australia and Canada means that the value of every bitcoin mined so far in US dollars is sufficient to replace the current currency circulation in any country.

Spain and Italy are the only two countries above Bitcoin whose M1 money supply is at the $ 2 trillion mark.

Technical Market Outlook:

The BTC/USD pair has been seen trading upward inside of the channel. The next target is seen at the level of $60,100. From there the road towards the ATH located at the level of $61,683 is very short. The immediate technical support is seen at the level of $56,795. Strong and positive momentum supports the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $66,270

WR2 - $62,632

WR1 - $58,882

Weekly Pivot - $54,425

WS1 - $50,791

WS2 - $46,464

WS3 - $42,622

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 $70,000. 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 on the e daily time frame chart.

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

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