Crypto Industry News:
Investment firm Jacobi Asset Management announced last Thursday 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. Upon launch, the Jacobi Bitcoin ETF will become a European Bitcoin exchange fund, an important milestone for the cryptocurrency industry given the recent market crisis.
Technical Market Outlook:
The BTC/USD pair continues to move higher after the breakout above the local technical resistance seen at the level of $19,817. The technical resistance located at $19,616, $19,765 and $19,817 will now act as a local support. 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 might intensify id the bulls will not be able to break out above the short-term trend line resistance seen around the level of $20,500.
Weekly Pivot Points:
WR3 - $23,406
WR2 - $22,585
WR1 - $20,840
Weekly Pivot - $19,685
WS1 - $17,927
WS2 - $16,745
WS3 - $15,083
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 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.
