Crypto Industry News:
According to recent reports, Elon Musk plans to launch an AI startup to compete with OpenAI, one of the most popular artificial intelligence companies. The billionaire is reportedly assembling a team of AI researchers and engineers for the new venture and is in talks with current investors from SpaceX and Tesla for funding. The new AI startup will put Musk among other tech giants like Google and Microsoft in the race to build next-generation AI.
The information adds to recent reports that Musk has acquired nearly 10,000 GPUs to power Twitter's AI. In addition, Musk founded a company called X (X.AI) and changed Twitter's name to "X Corp" in company documents as part of his plans to create an "app for everything" under the "X" brand.
It is worth noting, however, that on March 30, Musk and more than 2,600 technology leaders and researchers signed an open letter calling for a temporary pause in further development of artificial intelligence, citing "serious threats to society and humanity."
Meanwhile, Amazon Web Services launched Project Bedrock to allow its users to build generative AI from base models. This AWS move is another sign that tech companies are investing heavily in AI and trying to develop their own AI capabilities.
Technical Market Outlook:
The BTC/USD pair has made a new yearly high at the level of $30,909 and after a short period of consolidation, the market started to pull-back from the highs and just recently tested the key short-term technical support located at the level of $29,184. The bounce that occurred after the test of the technical support was strong, so the bulls manage to trade above the 50 MA and broke above the short-term trend line resistance as well. The intraday technical resistance is seen at $30,503 and the intraday technical support at $29,996. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls with next target seen at the level of $32,370.
Weekly Pivot Points:
WR3 - $31,204
WR2 - $30,606
WR1 - $30,290
Weekly Pivot - $30,007
WS1 - $29,682
WS2 - $29,409
WS3 - $28,811
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
