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Crypto Industry News:
As bitcoin adoption increases, the largest digital asset is increasingly seen as a potential alternative to traditional assets. Despite significant volatility in the stock and cryptocurrency markets in recent months, bitcoin has registered a trading volume at least twice as large as Apple in the past 30 days.
According to market data, Apple's average daily trading volume for the last 30 days was USD 11.6 billion. At the same time, the average daily bitcoin trading volume in the last month was $ 27.7 billion, according to CoinMarketCap data. Consequently, bitcoin saw a trading volume at least more than twice that of Apple, despite the persistent cryptocurrency bear market.
Technical Market Outlook:
The reversal from the level of $24,264 has accelerated, so Bitcoin can see even lower levels soon. The level of $21,867 had been violated as well, so it will act as intraday technical resistance now. TH next target for bears is seen at the level of $20,500 which is the lower channel line. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. Please notice, the level of $25,367 is the game changing level, but for a valid breakout, the daily candle must close above this level.
Weekly Pivot Points:
WR3 - $24,104
WR2 - $23,098
WR1 - $22,477
Weekly Pivot - $22,091
WS1 - $21,470
WS2 - $21,085
WS3 - $20,078
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a 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 key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
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