Crypto Industry News:
The cryptocurrency exchange Binance has allocated $ 500 million, while venture capital Sequoia Capital has allocated $ 800 million to finance Elon Musk's acquisition of the Twitter social media platform.
About $ 7.1 billion was pumped in by 19 different sites where investment firm Fidelity donated $ 316 million for the acquisition.
Tesla founder Elon Musk recently confirmed the acquisition of a social media company. The billionaire said he wanted Twitter to be a supporter of freedom of speech. Musk is also a known supporter of cryptocurrencies such as Dogecoin and Bitcoin.
According to the updated 13D schedule filed with the US Securities and Exchange Commission on Wednesday, the world's largest cryptocurrency exchange was among equity investors who participated in the transaction. Schedule 13D is a form that must be filed with the SEC when an entity acquires more than 5% of a company's equity.
Technical Market Outlook:
After the technical support at the level of $37,725 was broken, the BTC/USD pair sell-off was even more aggressive and dynamic. The new local low was made at the level of $35,545. The nearest technical resistance is seen at the level of $40,030 and the immediate technical support is located at $35,463 and $34,308. 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.
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.
