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Crypto Industry News:
St.Galler Kantonalbank (SGKB), one of the largest banks in Switzerland, is entering the world of cryptocurrencies by introducing the possibility of trading Bitcoin and Ethereum for its customers.
SGKB has partnered with global cryptocurrency-focused bank, SEBA Bank, to offer digital asset custody and brokerage services to its clients.
Announcing the news on November 1, SGKB and SEBA said the new cryptocurrency service is immediately available to select SGKB customers after a short testing period in 2023. Starting with support for Bitcoin and Ethereum, SGKB plans to expand its offering to additional cryptocurrencies based on customer demand.
St.Galler Kantonalbank, founded in 1868, is a leading Swiss regional bank offering retail and commercial banking services, as well as banking services to private and institutional clients. SGKB is the fifth largest bank in Switzerland, with total assets of $58.9 billion at the end of 2022.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $36,002 as the bulls are in control of the market despite the extremely overbought conditions on the H4 time frame chart. Currently, the market had started the pull-back lower and is trading already in the middle of the last consolidation zone. The intraday technical support is seen at $34,386 and the next target for bulls is seen at the level of $37,142. The momentum remains strong and positive, so after the pull-back for the last swing high is done, the up trend shall continue.
Weekly Pivot Points:
WR3 - $35,103
WR2 - $34,711
WR1 - $34,493
Weekly Pivot - $34,319
WS1 - $34,102
WS2 - $33,927
WS3 - $33,538
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $37,142. 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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