A country where Bitcoin seemed poised to flourish is now trying to make the cryptocurrency a scapegoat.

As blackouts and police raids rock Iran’s upstart Bitcoin mining industry, a match between a currency without a permit and a country strangled by inflation that once seemed a perfect fit is now being questioned.

Bitcoin miners face chip shortage amid rising demand
As Cointelegraph previously reported, Iran joined Pakistan as a cryptocurrency superpower in the Middle East, due in part to cheap and Crypto Profit heavily subsidised electricity prices, as well as a boost in activity following the approval of Bitcoin mining as an „industrial activity“ for power plants in 2020. It is estimated that there are more than 1,000 legal entities currently engaged in mining activities.

However, the short history of cryptocurrency mining in the country has not always been optimistic. Authorities have moved to shut down at least 1,000 illegal farms in recent months, and Bitcoin spot prices have been mispriced at the moment relative to the rest of the world due to high demand as investors flee the rapidly inflating Iranian rial.

Alleged Nasdaq-listed Bitcoin mining „shell“ company faces class-action lawsuit
Now, another source of friction has emerged as the country is plunged into frequent power outages in major population centres.

On 16 January, several media outlets reported that Iran suffered power outages across most of the country. However, social media reports have indicated that power supply has been erratic both before and after the 16 January blackout, and several cities have experienced blackouts over the past two weeks.

Authorities have been quick to blame Bitcoin mining for the blackouts and have conducted police raids on illegal mining operations, but some experts think the government is simply looking for excuses to defend a crumbling power grid.

Cryptocurrency mining allegedly worsens Iran’s air pollution
In an interview with the Associated Press on Thursday, former deputy head of Iran’s Department of Environment Kaveh Madani said Bitcoin was an „easy victim“ and that „decades“ of administrative mismanagement are a more likely root cause.

Furthermore, while retail mining may currently be acting as a scapegoat for the government, it is clear that the authorities are not turning their backs entirely on cryptocurrencies. As recently as last month, Bitcoin was used to facilitate import payments to Venezuela.

How to set up your own cryptocurrency mining rig in 2020 to earn Bitcoin and Ether
While the relationship may be shaky at the moment, this certainly doesn’t appear to be the end of Bitcoin in Iran.

The daily Bitcoin indicators are bearish, but the short-term signals are extremely bullish. Bitcoin (BTC) has continued to rise since hitting a local low on January 11th.

Despite the significant increase , it is likely that One Bitcoin a Day will only decline in response to the previous correction and that this is not the start of a new uptrend.

The trend is considered bullish as long as BTC is trading above $ 36,701.

Bitcoin continues to rise

Bitcoin has been up since Jan 11, after hitting a local low of $ 30,261. The low coincides with the so-called 0.382 Fib retracement of the entire upward move.

It’s worth noting that the rally was preceded by a significant hidden bullish divergence in the RSI. Despite the rebound, the technical indicators still look bearish. The MACD is consistently bearish and the stochastic oscillator has made a bearish cross.

Should BTC see a reversal, the closest support area would be found at $ 29,050.

Possible rejection

The six-hour chart shows that BTC has moved above the 0.618 fib retracement level from the previous downward move and is approaching 0.786 fib at $ 39,483. That target is also a horizontal resistance level.

The technical indicators are gradually all becoming bullish.

Even so, unless BTC manages to break the $ 39,483 resistance area, the current move is still likely to be a retracement and not the start of a new bullish move.

It seems that Bitcoin is currently trying to do just that.

The two hour chart is still showing no weakness as both the MACD and RSI are rising. In addition, Bitcoin appears to be following an ascending support line that coincides with the small support area at $ 36,200.

As long as BTC is trading above this level, the trend is considered bullish.

The so-called wave counting suggests that Bitcoin (Go to Buy Bitcoin Cheap Guide ) may have just completed an ABC correction structure in which waves A: C had a 1: 1 ratio. Since BTC has not yet been discarded, it is possible that Wave C could expand to the 1.61 Fib of Wave A to hit a high at $ 42,505.

While this would be a new all-time high, it would still allow corrective move as the previous decline spanned three waves. This suggests that the pattern is a shallow correction.

Trotz des 20%igen Absturzes von Bitcoin am Montag, wetten einige Optionshändler auf eine weitere Preisrallye in den kommenden Wochen.

Zum Zeitpunkt der Drucklegung liegt der Preis von bitcoin (BTC, +0,69%) bei $35.580 und damit fast 16% über dem Tiefststand von $30.305 vom Montag. Dennoch ist die Nummer eins der Kryptowährungen nach Marktwert immer noch weit von den Wochenendhochs über $40.000 entfernt.

Einige Händler, obwohl, haben den Kauf Jan. 29 Ablauf Call-Optionen bei der $52,000, $64,000, und $72,000 Ausübungspreise auf der Deribit Austausch.

Eine Call-Option gibt dem Käufer das Recht, aber nicht die Verpflichtung, den zugrunde liegenden Vermögenswert zu einem vorher festgelegten Preis an oder vor einem bestimmten Datum zu kaufen. Eine Call-Option ist eine bullische Wette, während eine Put-Option eine bearische Wette ist.

Bitcoin Optionsgeschäfte auf Deribit

Insgesamt wurden in den letzten 24 Stunden 4.000 Kontrakte zum $52.000 Strike gekauft, so die Daten der in der Schweiz ansässigen Datenanalyseplattform Laevitas. Die $64,000 und $72,000 Strike Call-Optionen zeigen ein Kaufvolumen von 3,250 und 2,000, beziehungsweise.

Abonnieren Sie Blockchain Bites, unser tägliches Update mit den neuesten Geschichten.
Wenn Sie sich anmelden, erhalten Sie E-Mails über CoinDesk-Produkte und Sie stimmen unseren Geschäftsbedingungen und Datenschutzrichtlinien zu.

Theoretisch ist der Kauf des $52,000 Strike Calls eine Wette, dass Bitcoin am oder vor dem 29. Januar über dieses Niveau steigen würde, was die Option „in-the-money“ macht.

Derzeit sind die drei Kontrakte out-of-the-money (OTM), mit dem Kassakurs weit unter diesen Ausübungspreisen, und werden bei 0,045 bitcoin, 0,0260 bitcoin, und 0,0190 BTC gehandelt, beziehungsweise.

Die tiefen OTM-Optionen sind relativ billig und neigen dazu, einen bedeutenden Wert zu gewinnen, wenn die Preisrallye zustande kommt, was große Renditen auf kleine Investitionen bringt. Als solche kaufen erfahrene Händler mit zinsbullischen Preiserwartungen oft Call-Optionen zu höheren Ausübungspreisen.

Daher deuten die jüngsten Käufe von Call-Optionen bei den Strikes von $52.000, $64.000 und $72.000 auf eine bullische Marktstimmung hin. Andere Optionsmarkt-Indikatoren geben einen ähnlichen Hinweis.

Der ein-, drei- und sechsmonatige Put-Call-Skew, der die Kosten von Puts im Verhältnis zu Calls misst, bleibt im negativen Bereich verankert. Das ist ein Zeichen dafür, dass Call-Optionen, oder bullische Wetten, eine höhere Nachfrage als Puts anziehen.

Laut Analysten bleiben die Fundamentaldaten der Kette stark und der Weg des geringsten Widerstands führt auf die höhere Seite. „Lassen Sie sich nicht von der kurzfristigen $BTC-Preis-Aktion ablenken. Die Fundamentaldaten sind stark, das Netzwerk ist gesund. Zoom out and HODL“, tweetete Rafael Schultze-Kraft, CTO bei der Blockchain-Analysefirma Glassnode.

Allerdings kann die Kryptowährung eine harte Zeit Charting eine schnelle Bewegung zu neuen Rekordhöhen über dem Höchststand von $41,962 am Samstag erreicht haben, angesichts der US-Dollars Index erlebt eine Erholung Rallye, Schwächung bitcoin und Gold Attraktivität in den Märkten.