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Bitcoin analysis for April 7, 2021

Looking at the chart on the four-hour time frame, we still see consolidation below $ 60,000 with the increasing pressure of the average movers moving to the bearish side slowly. We can look at the MA200 and EMA200 as next support around $ 56,000 with the bottom trend line’s help. Following the MACD indicator, we see that we are slowly moving into the red zone of the indicator by crossing the blue MACD line below the signal line.

bitcoinWe see Bitcoin moving sideways in the daily time frame, consolidating below the psychological level at $ 60,000. We still support moving averages, but there is more and more pressure on Bitcoin, and we can easily see a retreat under them. At the bottom, we support this year’s trend line, which can be strong support for the bullish trend, and an obstacle to the bearish trend knocking on the door.

The UK-based mining company Argo Blockchain, Bitcoin (BTC), has just recorded the best quarter in its history, generating record revenues for three months in a row. Yet, despite the growing cryptocurrency mining venture that has emerged in the West, the vast majority of Bitcoin production still takes place in China, where cheap coal-fired electricity runs countless mining platforms. As Cointelegraph reported, the complex annual growth rate of Bitcoin has exceeded 200%, and since April 2013, BTC / USD has risen by more than 43,000%.

The shortage of bitcoin supply remains real.

Boyapati touched on another, more controversial aspect of Coinbase’s business model that came to light this year. Despite their success, executives have always decided to keep a rather modest amount of BTC.
According to a recent submission to US regulators, the stock exchange owns 4,486 BTC. In contrast, as Boyapati notes, the new company MicroStrategy, despite not being a stock exchange, has bought more than 91,000 BTC since August last year – a stock that has doubled in US dollars to date.

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