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Crypto Industry News:
Switzerland's largest banking institution, UBS Group, has entered into a merger agreement with its "rival", Credit Suisse. The former will pay USD 3.25 billion to complete the transaction, which is 60% less than the value of Credit Suisse at the end of last week.
Bitcoin reacted positively to the news, surpassing $28,500 for the first time since June 2022.
Swiss banking giant Credit Suisse has revealed serious operational problems over the past few weeks. This prompted the Swiss central bank and the local financial watchdog to get involved.
UBS responded to the intervention by agreeing to take over Credit Suisse for $3.25 billion. Under the terms of the agreement, all Credit Suisse shareholders will receive 1 UBS share for 22.48 Credit Suisse shares.
The ailing bank will continue its normal operations until the merger is finalized. In addition, the Swiss National Bank will give it access to instruments offering significant additional liquidity.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $28,573 and is currently on its way to the level of $30k, which is psychological level for traders. Currently, the bulls are consolidating the recent gains around the level of $28k, but a local pull-back is possible. The mid-term sentiment on the whole cryptocurrency market is bullish and higher levels are possible. 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 (no daily candle close below this level). Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.
Weekly Pivot Points:
WR3 - $29,430
WR2 - $28,530
WR1 - $28,076
Weekly Pivot - $27,630
WS1 - $27,176
WS2 - $26,730
WS3 - $25,830
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
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