Crypto Industry News:
Banco Galicia, which is the largest private bank in Argentina, will allow clients to invest in cryptocurrencies. The offer will include, among others, Bitcoin (BTC) and Ethereum (ETH).
Thanks to this service, customers will be able to buy, sell and store cryptocurrencies. Some sources suggest that the new functionality was created thanks to the collaboration of Banco Galicia and Lirium.
Given the enormous inflation and the ever-increasing shortage of US dollars, no one should be surprised by the high level of crypto adoption in Argentina. Cryptocurrencies that aroused the greatest interest among Argentinean are primarily: Bitcoin (BTC), Ethereum (ETH) and the stablecoins Tether (USDT) and Dai (DAI).
The private bank Banco Galicia, whose services are used by over 4 million customers, wants to provide all interested parties with trouble-free access to cryptocurrencies. The service is to be activated within the next two weeks.
Technical Market Outlook:
The BTC/USD pair has bounced from the level of $37,509 (weekly low), through the technical resistance located at $39,149 (now support) towards the level of $40k. So far the local high was made at the level of $40,012, so bulls need to try harder of the want a bigger retracement to occur. 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. 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.
