Crypto Industry News:
Meta is phasing out the NFT token features on its social media platforms Facebook and Instagram approximately 10 months after their launch.
Stephane Kasriel, Meta's head of commerce and financial technology, responded to the news on Twitter by saying that Meta is removing support for NFTs to "focus on other ways to support creators, people and businesses."
Kasriel added that the company continues to prioritize ways users can "connect with fans and monetize" and will focus on tools such as building payment rails on its platform and through messaging apps, as well as monetizing reels, short films available on Facebook and Instagram.
Specifically, Kasriel mentioned a focus on Meta Pay, the company's payment platform, which could support cryptocurrencies in the future according to May's trademark filings.
NFT's life on the platforms was relatively short-lived as trials with select creators on Instagram began in May before expanding to Facebook in June.
Technical Market Outlook:
The BTC/USD pair has bounced from the key short-term technical support located at $23,885 and is continues the upward move towards the monthly and weekly high seen at $25,257, which is the next target for bulls. Because this is the key short-term technical resistance, any sustained breakout above this level will change the mid-term sentiment on the cryptocurrency market for more bullish. The momentum on the daily time frame chart remains positive, which supports the short-term bullish outlook for BTC, however the market conditions seems to be extremely overbought.
Weekly Pivot Points:
WR3 - $24,010
WR2 - $23,176
WR1 - $22,860
Weekly Pivot - $22,341
WS1 - $21,967
WS2 - $21,506
WS3 - $20,672
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
