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Crypto Industry News:
Grayscale has announced that it does not intend to join the recently popular trend of disclosing its cryptocurrency resources to large entities. Representatives said it wouldn't be the safest. Especially many stock exchanges have recently decided to take this step to reassure their investors, as trust in centralized exchanges has recently deteriorated as a result of the bankruptcy of FTX (FTX, FTX.US, Alameda Research) founded by Sam Bankman-Fried.
After recent events, many investors feel the need to receive confirmation from an external auditor that their funds are safe in the hands of one of the large entities of the cryptocurrency market. One algorithm to prove this is the use of Merkle Trees, which captures data and obtains a set of "fingerprints" to allow users to verify that their funds have been properly screened by a third party. This method has been very popular recently, especially after the events related to the collapse of the FTX exchange.
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 nearest technical resistance is located at $16,201 ( trend line resistance level). The momentum remains weak and negative despite the extremely oversold market conditions.
Weekly Pivot Points:
WR3 - $16,881
WR2 - $16,477
WR1 - $16,299
Weekly Pivot - $16,072
WS1 - $15,895
WS2 - $15,667
WS3 - $15,263
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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