Crypto Industry News:
Iran will again allow Bitcoin and other cryptocurrency miners to operate in the country from the last week of September.
According to a publication by the Iranian newspaper, Tavanir, the national energy organization, made the decision in early August. In May, the Iranian government banned cryptocurrency mining operations. The decision was then made to prevent miners from overloading the network during the hot summer months.
Bitcoin miners have been blamed for endless power cuts and power shortages in Iran. The size of the problem was that Iran reportedly stopped exporting electricity to neighboring Afghanistan.
However, it is illegal cryptocurrency mining operations that are the most likely cause of a heavy burden on electricity supplies. Therefore, only authorized miners will be able to resume operations after the ban is lifted in September.
As Iranian authorities continue to insist on regulating cryptocurrency mining operations, the country's ministry of commerce granted 30 mining licenses in June.
Iran began legalizing Bitcoin mining in 2020, when it issued over 1,000 licenses in January 2020 alone. However, the government seems interested in domestication of its cryptocurrency mining sector, and parliament is even considering a bill banning the use of "foreign" cryptocurrencies for payments in the country.
The government also expects Bitcoin and cryptocurrency mining to become a major economic activity in the country, forecasting revenue of $ 1 billion in May.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $50,382. The bulls are in full control of the market and the next target for them is seen at the level of $51,147 and $52,330. The immediate technical support is located at the level of $49,733. The strong and positive momentum supports the short-term bullish outlook despite the overbought market conditions on the H4 time frame chart.
Weekly Pivot Points:
WR3 - $57,092
WR2 - $53,247
WR1 - $51,171
Weekly Pivot - $47,506
WS1 - $45,262
WS2 - $41,681
WS3 - $39,415
Trading Outlook:
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. The next mid-term target is seen at the level of $50,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).