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Crypto Industry News:
The International Monetary Fund is concerned about the risks associated with the issuance of Bitcoin-backed bonds by El Salvador. Consequently, El Salvador was called on to phase out BTC as legal tender as soon as possible.
In a statement, the financial institution cited the high volatility of Bitcoin's prices as the main risk, noting that crypto should not be used as legal tender.
Following bilateral talks, IMF officials said "the use of cryptocurrencies poses a high risk to financial stability, financial integrity and consumer protection, as well as related tax obligations," the CNBC report said.
Last June, El Salvador became the first country to adopt Bitcoin as legal tender. In September, Bitcoin officially entered circulation.
The IMF believes that the volatility of this leading digital currency cannot be mitigated. Concern was also expressed about the financial situation of El Salvador. The organization predicts that the country's public debt will increase to 96% of GDP by 2026.
Technical Market Outlook
The BTC/USD pair has been rejected from the 50% Fibonacci retracement located at $38,167 after the Bearish Engulfing candlestick pattern was made at this level. The bulls are trying to break through the nearest technical resistance seen at $38,261 and $39,555, but even with the help of FED (the recent interest rate decision) they can not break through. The market conditions are extremely oversold at Daily time-frame chart, but the momentum is still weak and negative. The next technical support is seen at $35,912 and $34,632.
Weekly Pivot Points:
WR3 - $49,548
WR2 - $46,360
WR1 - $39,808
Weekly Pivot - $37,007
WS1 - $32,011
WS2 - $27,102
WS3 - $20,525
Trading Outlook:
The market is controlled by bears that pushed the price way below the level of $40k, so a breakout above this level is a must for bulls for a trend reversal. The market retrace more than 50% since the ATH at the level of $69,654 and the next long-term technical support is located at $29,254. The corrective cycle is still in progress and is much more complex and time-consuming than anticipated.
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