Crypto Industry Outlook:
According to local news, the Zimbabwe government is considering using Bitcoin as a legal payment option to meet the growing demand among residents and take advantage of the technology.
Retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the president's office and e-government technology unit in the government, has reportedly confirmed that talks are already underway with B in this direction.
According to Wekwete, the disadvantages of a decentralized ecosystem include unregistered cross-border transfers, money externalization, money laundering, and illegally acquired cash flow in subsequent illegal or unlawful activities.
He also said that the authorities are trying to develop laws to protect consumers and support the country's financial future. As a result, the government sought input from a variety of sectors before making any major policy changes.
Zimbabwe has yet to make any major declarations, according to an official. He also stated that the country is still at the consultation stage.
The Zimbabwe government has accepted the digital economy framework as part of the National Development Strategy 1, which it defines as a way to bring together government and business efforts with regard to the evolving concept of the digital economy.
Technical Market Outlook
The BTC/USD pair continues the impulsive wave to the upside. Recently bulls made a new ATH at the level of $68,482 and is currently moving away from the 127% Fibonacci projection located at the level of $68,267. The next target for bulls is seen at the level of $70,000. The momentum is strong and positive, which supports the short-term bullish outlook for BTC. The nearest technical support is seen at the level of $66,150.
Weekly Pivot Points:
WR3 - $66,979
WR2 - $67,182
WR1 - $65,171
Weekly Pivot - $62,254
WS1 - $60,269
WS2 - $57,180
WS3 - $55,878
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
