24.02.202311:10 Forex Analysis & Reviews: Technical Analysis of BTC/USD for February 24, 2023

Crypto Industry News:

Galaxy Digital has invested $44 million in an institutional cryptocurrency storage platform to leverage its own asset storage and management capabilities.

Mike Novogratz's cryptocurrency investment firm has completed the acquisition of GK8. The entity has developed its own patented cryptocurrency storage technology to provide secure asset management to institutional users.

The website specializes in providing cold vault technology, which allows you to perform transactions without an internet connection. Its internal MPC provides the ability to automate transactions, and the service also provides network access to decentralized finance (DeFi), tokenization, NFT, and trading.

The statement from Novogratz emphasized that the main reason for the acquisition is the increased demand from investors for custody services. GK8's storage solutions and wallet technology will be incorporated into Galaxy Digital's upcoming GalaxyOne brokerage platform.

As part of the business deal, Galaxy will add an office in Tel Aviv to its organization and nearly 40 GK8 employees will become part of a wider group. GK8 founders Lior Lamesh and Shahar Shamai will remain in office to lead Galaxy's security technology portfolio.

Technical Market Outlook:

The BTC/USD pair has been rejected from 50 MA on H4 time frame chart and is trading lower in low volatility conditions. A sustained breakout above the level of $25,000 on BTC/USD is still needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, so there is still a room to the upside for bulls. However, the bears had manage to break below the short-term trend line, but then bounced again from the 38% Fibonacci retracement of the last wave up located at $23,800. In a case of a breakout below this retracement level, the next target for the corrective cycle are $23,346 (50% retracement) and $22,868 (61% retracement), but for now the bulls are testing the broken trend-line from below. The weak and negative momentum on H4 time frame chart supports the short-term bearish outlook for BTC.

Weekly Pivot Points:

WR3 - $25,667

WR2 - $24,967

WR1 - $24,709

Weekly Pivot - $24,259

WS1 - $24,000

WS2 - $23,550

WS3 - $22,841

Trading Outlook:

Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.