Bitcoin analysis for April 19, 2021

Looking at the chart on the hourly time frame, we see that Bitcoin had a huge drop yesterday to $ 53,700, followed by a rapid withdrawal above $ 55,000. Further, we are moving again in a growing direction to the current $ 57,300 for Bitcoin. By setting the Fibonacci retracement level, we are currently testing the 38.2% level at $ 58,000. We can expect that level to be exceeded soon and that we will again be in the zone of around $ 60,000.
Our target is first the upper line of resistance, and we hope to break above so that we can go on the offensive and attack the previous high at $ 64,935, the current maximum price for Bitcoin. The MACD indicator is in the bullish scenario; although the last two histograms give weaker data, we can see all this as part of this growing consolidation. Target zone 60000-61000 $.
As reported by Cointelegraph, the suspicions focus on China’s disappearance of electricity hitting hash rates, as well as rumors of legal action by US regulators against unnamed financial institutions in connection with money laundering.

In his own analysis of what happened, popular statistician Willy Woo pointed out both China and the reckless moves of futures investors as a contribution to losses.
We have just seen the biggest one-day drop in the hashing rate in mining since November 2017. The hashing rate on the network has basically halved, causing chaos in the price of BTC as it fell, he told Twitter followers.
A new ban in Turkey will ban crypto service owners from using their digital means of payment while preventing payment providers from providing fiat onramps to crypto exchanges. According to the announcement of the Central Bank of the Republic of Turkey from Friday, the ban will come into force on April 30, making all crypto payments and partnerships illegal.
The bank stated that “any direct or indirect use of cryptocurrencies in payment services and issuing electronic money” will be prohibited. Although banks are excluded from the regulations, users can still deposit the Turkish lira on crypto exchanges using bank transfers from their bank accounts. Payment providers will not provide deposit or withdrawal services for crypto exchanges.