Crypto Industry News:
Warren Buffett hit Bitcoin once again, claiming he wouldn't buy all the BTC in the world for as little as $ 25.
The 91-year-old, with a net worth of roughly $124 billion, is an avid cryptocurrency skeptic where he once called Bitcoin "rat poison squared." His arguments often relate to digital assets that offer no tangible value, and the community was quick to point out on this occasion that there are tons of use cases and usability in crypto that Buffett probably hasn't researched.
Speaking at Berkshire Hathaway's annual shareholders' meeting, Buffett commented on the cryptocurrency due to the growing adoption of the sector by the mainstream. He noted that while he had no idea whether BTC would rise in the future, he was sure it was "going to do nothing."
Buffett argued that he would happily write a "check this afternoon" worth $ 25 billion for 1% of all farmland or "housing" in the United States, as both produce real utility, while he would not spend as much as $ 25 on 100%. Bitcoin supply.
Famous cryptocurrency supporters mocked Buffett's Twitter comments over the weekend. Among them were, among others Marc Andreessen (a16z), Elon Musk and Michael Saylor.
Technical Market Outlook:
The BTC/USD pair had broken above the short-term trend line resistance, however, in order to terminate the down trend, bulls need to break through the last swing high located at $42,952 and head towards the level of $50k.The nearest technical resistance is seen at the level of $40,785 and the immediate technical support is located at $38,554 and $38,885. So far the local high was made at the level of $39,907, so bulls need to try harder of the want a bigger retracement to occur. The level of $37,725 was tested so many times, that it will act as an important short-term technical support, so pleas keep an eye on it.
Weekly Pivot Points:
WR3 - $43,093
WR2 - $41,987
WR1 - $39,992
Weekly Pivot - $38,683
WS1 - $36,640
WS2 - $35,353
WS3 - $32,285
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. 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 is seen at the level of $32,899.
