Crypto Industry News:
On Thursday, investment firm Jacobi Asset Management announced that it would launch a Bitcoin ETF on the Euronext Amsterdam Exchange in July.
Based on the company's official announcement, we know that a fund called Jacobi Bitcoin ETF will operate under the BCOIN designation. The product will allow investors to gain indirect exposure to Bitcoin.
Jacobi noted that he cooperates with other entities, including Flow Traders and Fidelity Digital Assets. The latter is the cryptographic branch of the asset management company Fidelity Investments. The purpose of the cooperation is to launch a new ETF.
Fidelity Digital Assets will provide fiduciary services while Flow Traders, along with DRW, will act as market makers to facilitate trading.
Technical Market Outlook:
Despite the recent bounce from the lows at the level of $18,630, the BTC/USD pair continues to move down as the short-term trend line support located around the level of $20,037 was broken and tested. The nearest technical support is seen at the level of $18,571. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. The bearish pressure intensify and the momentum indicator is below the level of fifty already.
Weekly Pivot Points:
WR3 - $24,726
WR2 - $23,231
WR1 - $22,437
Weekly Pivot - $20,850
WS1 - $20,126
WS2 - $18,771
WS3 - $17,937
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 at the round 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.
