Technical Analysis of BTC/USD for September 15, 2023
September 15, 2023 8:23 am
Crypto Industry News:
The latest data indicate that the percentage of energy used to mine bitcoins from renewable sources has exceeded 50%. This raises the question: will Tesla start accepting payments in BTC?
Let’s start by recalling that Elon Musk stated in 2021 that his main company, Tesla, will again accept payments in BTC when miners will use about 50% clean energy in the mining process.
He previously announced that Tesla would stop accepting payments in BTC. He cited the “rapidly growing use of fossil fuels for bitcoin mining.” This was in May 2021. However, he encouraged the mining market to switch to renewable energy. He pointed out that if there is a positive trend – miners moving towards ecological energy sources – he may change Tesla’s policy.
It turns out that the above milestone has been achieved. In a September 14th thread on X (formerly Twitter), Bloomberg analyst Jamie Coutts stated that currently, mainly renewable energy is used to issue bitcoins. The use of renewable energy sources in this field has exceeded 50%. According to him, the above is the result of the exodus of BTC miners from China. It is worth adding that energy from renewable sources is cheaper, so using it for mining is simply profitable.
So far, Musk has not commented on the new data on renewable energy and mining. Changing his decision from 2021 and reopening to payments in BTC could give the market fuel for growth.
Technical Market Outlook:
The BTC/USD pair has bounced from a new swing low at the level of $25k and made a new local high at the level of $26,828. The bulls are currently testing the technical support located at the level of $26.444 ,nevertheless, the bearish pressure is strong as the momentum has hit the extremely overbought levels on the H4 time frame chart. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,828.
Weekly Pivot Points:
WR3 – $26,241
WR2 – $26,002
WR1 – $25,911
Weekly Pivot – $25,765
WS1 – $25,672
WS2 – $25,525
WS3 – $25,268
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The latest data indicate that the percentage of energy used to mine bitcoins from renewable sources has exceeded 50%. This raises the question: will Tesla start accepting payments in BTC?
Let’s start by recalling that Elon Musk stated in 2021 that his main company, Tesla, will again accept payments in BTC when miners will use about 50% clean energy in the mining process.
He previously announced that Tesla would stop accepting payments in BTC. He cited the “rapidly growing use of fossil fuels for bitcoin mining.” This was in May 2021. However, he encouraged the mining market to switch to renewable energy. He pointed out that if there is a positive trend – miners moving towards ecological energy sources – he may change Tesla’s policy.
It turns out that the above milestone has been achieved. In a September 14th thread on X (formerly Twitter), Bloomberg analyst Jamie Coutts stated that currently, mainly renewable energy is used to issue bitcoins. The use of renewable energy sources in this field has exceeded 50%. According to him, the above is the result of the exodus of BTC miners from China. It is worth adding that energy from renewable sources is cheaper, so using it for mining is simply profitable.
So far, Musk has not commented on the new data on renewable energy and mining. Changing his decision from 2021 and reopening to payments in BTC could give the market fuel for growth.
Technical Market Outlook:
The BTC/USD pair has bounced from a new swing low at the level of $25k and made a new local high at the level of $26,828. The bulls are currently testing the technical support located at the level of $26.444 ,nevertheless, the bearish pressure is strong as the momentum has hit the extremely overbought levels on the H4 time frame chart. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,828.
Weekly Pivot Points:
WR3 – $26,241
WR2 – $26,002
WR1 – $25,911
Weekly Pivot – $25,765
WS1 – $25,672
WS2 – $25,525
WS3 – $25,268
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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