Technical Analysis of BTC/USD for April 7, 2021

Crypto Industry News:

The internet profile of the anonymous creator of Bitcoin, Satoshi Nakamoto, indicates that he is just 46 years old.

Eighty-eight years ago, the US federal government issued Decree 6102 making it illegal for citizens to own gold.

This historic move in the government's monetary policy was immortalized in the context of Satoshi Nakamoto's birthday. It is no coincidence that the profile reflects 1975. It was then that Directive 6102 was repealed.

This choice reflects Satoshi's understanding of the government's historical treatment of monetary policy and the citizens affected by it. It can even be extrapolated that by choosing the year of birth 1975, Satoshi wanted his own identity under a pseudonym to symbolize the end of government control over money.

"We eventually retired our app because we felt the regulatory environment for digital assets had not progressed to the point where such a product could be successfully commercialized."

Grayscale said, recalling the experience, adding:

"Today, we are still committed to transforming the GBTC into an ETF. When the GBTC transforms into an ETF, the shareholders of listed GBTC shares will not have to take any action and the management fee will be lowered accordingly."

Technical Market Outlook:

The BTC/USD pair has been consolidating under the level of $60,000 since the beginning of April and there is no break out higher yet. The local low was made at the level of $56,492 and the local high was made at $59,383. The momentum is still neutral and the market participants await the breakout above one of the levels. The next target for bulls is the ATH located at the level of $61,632. The nearest technical support is seen at the level of $54.765.

Weekly Pivot Points:

WR3 - $65,565

WR2 - $62,712

WR1 - $60,648

Weekly Pivot - $57,470

WS1 - $55,041

WS2 - $52,150

WS3 - $49,837

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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