FX.co ★ Technical Analysis of BTC/USD for June 18, 2021

Crypto Industry News:

Bitcoin whales stock up on BTC. The most affluent addresses have amassed around 90,000 bitcoins worth $ 367 billion in the last 25 days.

Accumulation was identified by the cryptocurrency market data aggregator, Santiment, which reported that wallets with a balance between 100 and 10,000 BTC - described by Santiment as "millionaires" addresses - are currently the largest segment of BTC hodlers and now account for 48.7% of the supply bitcoins.

The recent shopping spree ranks millionaires addresses at the highest level in seven weeks for the number of bitcoins owned. These addresses contain over 9.11 million BTC - just a few percent less than in mid-April.

Miners also accumulate BTC. Glassnode identified weekly outflows of bitcoin from miners' addresses to a five-month low of around $ 1.7 million yesterday (June 16).

Looking at the opposite end of the scale, Glassnode noticed that the share of supply represented by addresses with less than one bitcoin has doubled since December 2017 and now represents around 5% of its market capitalization.

Technical Market Outlook:

The BTC/USD pair has pulled-back from the 61% Fibonacci retracement located at the level of $37,108. The rally had ended with a Pin Bar candlestick formation so far, but in a case of an extension to the upside, the next target for bulls is $41,798 - $43,159 zone. The momentum is still positive, so the overall outlook starts to look bullish. The confirmation will come after the $41,798 - $43,159 zone is clearly violated. On the other hand, any further movement down below the level of $37,108 will invalidate the bullish outlook.

Weekly Pivot Points:

WR3 - $51,501

WR2 - $45,102

WR1 - $42,774

Weekly Pivot - $36,903

WS1 - $34, 523

WS2 - $28,705

WS3 - $26,848

Trading Recommendations:

Even despite the recent correction 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 $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).