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Crypto Industry News:
In a Twitter post, Canadian Prime Minister Justin Trudeau made critical comments about the pro-crypto-platform for newly elected opposition leader Pierre Pollievere, writing:
"We will also pay attention to questionable, reckless economic ideas. Telling people that they can get around inflation by investing in cryptocurrencies is not responsible leadership," he writes.
In a separate televised speech, Trudeau reiterated these remarks, adding that "responsible leaders" should not encourage individuals to "invest their life savings in volatile cryptocurrencies."
On September 10, Calgary-born politician Pierre Pollievere won 68.15% of the vote in the election for the next leader of the Conservative Party of Canada, the official opposition to the current Liberal Party of Justin Trudeau.
Pollievere is a cryptocurrency advocate committed to transforming Canada into the "Blockchain Capital of the World", citing the positive outlook for job creation in the Web 3.0 sector and lower cost of accessing financial products as reasons to support this intention. In previous interviews, Pollievere argued that the government was "ruining the Canadian dollar" and that Canadians should consider other forms of money, such as crypto.
Earlier this year, Canada declared a state of emergency after a convoy of truck drivers, dubbed the "Freedom Convoy," blocked downtown in the nation's capital, Ottawa. The group has advocated ending all coronavirus-related blocking measures and ending vaccine mandates.
In response, the Trudeau government invoked the Crisis Act authorizing banks to freeze funds related to protesters' activities. Then an Ontario judge ordered the freezing of millions of Bitcoin donations to the group's wallet address. The RCMP, the Canadian federal police, also demanded that cryptocurrency exchanges freeze the wallets owned by protesters.
In July 2022, inflation in Canada was 7.6%, the highest level in 40 years. Meanwhile, cryptocurrencies have not held up as a 'hedge against inflation' this year, and the overall market capitalization of digital assets has dropped more than 60% since January.
Technical Market Outlook:
The BTC/USD pair had made the local high at the level of $22,474 and then the market was smashed down after the inflation readings from the US beat the expectations. The Bearish Engulfing candlestick pattern was made at the H4 time frame chart and the bears broken below the $20k for a while. Currently, the market is consolidating around the level of $20,300, but the negative momentum supports the short-term bearish outlook towards the level of $18,640 again.
Weekly Pivot Points:
WR3 - $23,418
WR2 - $22,624
WR1 - $22,146
Weekly Pivot - $21,821
WS1 - $21,352
WS2 - $21,035
WS3 - $20,241
Trading Outlook:
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 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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