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Crypto Industry News:
On Sunday, reports spread around the world about the closure of Singature Bank. The institution was quite favorable towards the cryptocurrency market and served many entities in this sector. While last week's collapse of Silvergate and then Silicon Valley Bank was predictable, the news of Signature's collapse was quite unexpected.
Interestingly, supervisory authorities have previously investigated this pro-cryptocurrency bank for its activities. Regulators began to suspect that money laundering was taking place through it.
As reported, the case was handled by an investigative team from the United States Department of Justice (DoJ). He investigated whether Signature had implemented all the required measures to detect money laundering of its customers. It was also questioned whether the bank properly verified the entities that opened their accounts with it.
A separate, independent investigation is also being conducted by the Securities and Exchange Commission (SEC), but it is not clear in what capacity the probe is conducted by the commission. However, given the recent efforts of this institution to take control of the cryptocurrency market and increasingly bizarre practices, one can expect that Gary Gensler will find some reason to file a lawsuit against Signature.
Technical Market Outlook:
The BTC/USD pair has reversed from the monthly and weekly high seen at $25,257 as the pull-back continues. Because this is the key short-term technical resistance, any sustained breakout above this level will change the mid-term sentiment on the cryptocurrency market for more bullish. The momentum on the H4 time-frame chart remains on the elevated levels, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated. Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart.
Weekly Pivot Points:
WR3 - $24,010
WR2 - $23,176
WR1 - $22,860
Weekly Pivot - $22,341
WS1 - $21,967
WS2 - $21,506
WS3 - $20,672
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.
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