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Crypto Industry News:
According to a blog post published this week, the International Monetary Fund believes that the collapse of the Sam Bankman-Fried FTX exchange should serve as a warning to African nations about the threats cryptocurrencies pose to their economies.
"Regulating a highly volatile and decentralized system remains a challenge for most governments, requiring a balance between minimizing risk and maximizing innovation."
Only 25% of sub-Saharan African countries regulate cryptocurrencies, although two-thirds have implemented some restrictions and six countries have banned cryptocurrencies altogether.
"Africa is one of the fastest-growing cryptocurrency markets in the world," the authors wrote, citing Chainalysis data, "but it remains the smallest market, with cryptocurrency transactions peaking at $20 billion a month in mid-2021."
Kenya, Nigeria and South Africa lead the way with the largest number of cryptocurrency users in the region, with many people using cryptocurrencies to make payments.
The authors note that policy makers are concerned that cryptocurrencies "could be used to illegally transfer funds out of the region" and could also be used to circumvent rules designed to prevent capital flight.
Technical Market Outlook:
The BTC/USD pair has made a new yearly low at the level of $15,477 as the bearish pressure is still strong. There is no indication of the down trend on Bitcoin to terminate or reverse, so the next target for bears is seen at the level of $13,563 (2019 high). The bulls bounced above the local trend line resistance, however, there is no follow up with this move up so far as the market keeps trading back inside the old, narrow range. The next technical resistance is seen at $16,793. The momentum bounce from the extremely oversold market conditions was very short-lived and now the indicator is back under the level of fifty. Whipsaw trading conditions inside the range continue.
Weekly Pivot Points:
WR3 - $17,057
WR2 - $16,628
WR1 - $16,391
Weekly Pivot - $16,199
WS1 - $15,962
WS2 - $15,770
WS3 - $15,340
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 $15,555 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 in the long term.
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