Venezuela's Electricity Demand Hits Nine-Year High
- Surging Electricity Demand: The Venezuelan government issued an emergency bulletin indicating that electricity demand has surged to 15,579 megawatts, the highest level in nine years, reflecting the dual impact of economic growth and a heatwave, which exacerbates the grid's vulnerability.
- Regulatory Plan Initiated: A supervision plan has been activated to combat illegal cryptocurrency mining, aiming to disconnect all mining farms from the national grid to alleviate demand pressure and ensure stable electricity service for citizens.
- Infrastructure Collapse: The state-owned power company Corpoelec struggles to maintain the grid due to extremely low electricity prices, leading to crumbling transmission lines, while over 7 million people have emigrated since 2015, resulting in a significant loss of skilled engineers necessary for effective grid management.
- Lack of Long-Term Planning: Although the government blames international sanctions for grid failures, mismanagement and lack of funds are the root causes, as suppliers refuse to extend credit, leading to ongoing deterioration of the power grid and diminishing hopes for restoring reliable electricity services.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 68051.1 | 71687.375 | 75577.45 | 79213.725 | 83103.8 | 86740.075 | 90630.15 |
| Fibonacci | 71687.375 | 74562.441 | 76338.659 | 79213.725 | 82088.791 | 83865.009 | 86740.075 |
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