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Crypto Industry News:
MicroStrategy CEO and Bitcoin (BTC) enthusiast Michael Saylor doubled his support for Bitcoin by clarifying issues related to the transfer of physical property values such as gold, company stocks or equity and real estate during the Australian Crypto Convention.
Speaking of the evidence-of-work (PoW) consensus mechanism, Saylor emphasized that Bitcoin is backed by its own $ 20 billion mining hardware and $ 20 billion in energy.
He then pointed out that traditional assets such as gold (in large quantities) and land are almost impossible to move beyond geographic boundaries, adding:
"If you have property in Africa, no one will want to rent it from you if they live in London. But if you have a billion dollars in Bitcoin, you can borrow it or [...] rent it to anyone in the world. "
Saylor also highlighted the high cost of living and taxes associated with long-term ownership and inheritance of physical property that do not exist with Bitcoin. Worldwide geopolitical tensions also determine the type of assets that can be transferred across jurisdictions.
Technical Market Outlook:
The BTC/USD pair had bounced from the recent low made at the level of $18,239, however the market still trades below the level of $20,000. The levels of $18,940 and $19,300 will now act as the technical support and the next technical resistance is seen at the level of $20,178. The weak and negative momentum on the H4 time frame chart still supports the short-term bearish outlook towards the level of $17,600 again.
Weekly Pivot Points:
WR3 - $21,295
WR2 - $20,039
WR1 - $19,341
Weekly Pivot - $18,764
WS1 - $18,064
WS2 - $17,526
WS3 - $16,271
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 $17,600 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.
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