FX.co ★ Technical Analysis of BTC/USD for June 27, 2022

Crypto Industry News:

The Bitcoin network recorded the lowest energy demand in 2022, amounting to 10.65 gigawatts (GW). At its peak, the BTC network needed 16.09 GW of power.

The total energy consumption of the Bitcoin network (BTC) saw a drastic decline after the cryptocurrency crash, which reduced the power required to mine BTC blocks to 199.225 (EH / s).

According to data provided by the Cambridge Center for Alternative Finance, the Bitcoin network recorded the lowest energy demand in 2022, amounting to 10.65 gigawatts (GW). At its peak, the BTC network needed 16.09 GW of power.

The sudden decrease in Bitcoin's power requirements can be attributed to the declining hashing factor. The rate of mining serves as a key safety measure, the computing power required by BTC miners to successfully mine a block.

Technical Market Outlook:

The BTC/USD pair has made a new local high at the level of $21,863 before the bounce was capped by the Pin Bar candlestick pattern. The bulls has bounced from the extremely oversold market conditions, so the next target for bulls is seen at the level of $23,287, however, the short-term trend line resistance had capped the bounce once again around the level of $21,737. Any failure to hit and/or break above this level will likely result in another wave down towards the recent lows. The nearest technical support is seen at the level of $19,789. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.

Weekly Pivot Points:

WR3 - $24,726

WR2 - $23,231

WR1 - $22,437

Weekly Pivot - $20,850

WS1 - $20,126

WS2 - $18,771

WS3 - $17,937

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the round psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.