Crypto Industry News:

The average portfolio size on the Australian cryptocurrency exchange BTC Markets increased from $ 577.65 to $ 2069.16 in fiscal 2021, signaling a portfolio growth of 258.2%, according to stock market data compiled by Statista based on a recent BTC Markets survey.

Survey data shows that the average female and male wallet sizes over the 20-21 fiscal period on BTC Markets were $ 1,924.30 and $ 2,214.03, respectively. However, in 2020, the average portfolio size of Australian female investors was slightly above male investors.

Trading data on the stock market also showed a pattern of increasing investment demand from older investors. Based on data provided by BTC Market on the average initial investment in Australia, investors over the age of 65 have invested around $ 3,158.03, which is the highest value of any demographic group.

After a gradual decline across age groups, the youngest cryptocurrency investors, aged 18-24, tend to make relatively small investments, averaging $ 792.96. While older Australian cryptocurrency investors outweigh the new generation in initial investments, younger investors are relatively more active in terms of their day-to-day transactions.

In line with the above findings, a September report from the Finder financial comparison site shows that one in six Australians owns cryptocurrencies. The report suggests that, like many other users in the developed industrialized nations, Australians are increasingly viewing cryptocurrencies as a new asset class.

Technical Market Outlook

The BTC/USD pair has been moving up and down without any particular direction over the weekend. The local low was made at the level of $40,741 and the bulls keep trying to continue to move higher. Despite their efforts, no new high was made over the weekend and the local high was seen at $44,316. The market participants are waiting for a clear breakout above the last high located at $45,115 or below the recent low seen at $39,536. The momentum remains neutral.

Weekly Pivot Points:

WR3 - $55,572

WR2 - $51,601

WR1 - $47,548

Weekly Pivot - $43,366

WS1 - $39,311

WS2 - $35,303

WS3 - $31,312

Trading Outlook:

According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).