Crypto Industry News:
Bitcoin Strike payment provider just opened up to 65 countries. Previously, the company operated only in El Salvador, Argentina and the USA. In addition, the company's headquarters will be located in El Salvador.
The CEO and founder of Zap, Strike's parent company, Jack Mallers, gave an interview about the company's recent moves. Mallers noted that the move of the company's global headquarters to El Salvador was due to the increasing regulatory conditions of cryptocurrencies in the US.
In addition, the CEO mentioned that the company's expansion is a response to the "hazy world" of crypto exchanges. They also want an explanation of the hidden, unregistered licensing systems covering more than 1,000 different crypto assets.
Rigid US regulations caused Strike to halt its services in New York. However, the crypto environment in El Salvador is different. Its favorable regulations are an attractive point for technological innovation in the country.
In addition, in his speech, Mallers mentioned the success of El Salvador's adoption of Bitcoin as legal tender. In his opinion, such success was not defined by the rare adoption of cryptocurrency. He argues that other factors, such as increased tourism, have contributed to Bitcoin's success in the country.
Technical Market Outlook:
The BTC/USD pair has been seen developing the potential Triangle pattern on the H4 time frame chart and when the pattern is completed, then the downside breakout should be made. The intraday technical support is seen at $26,536 and the intraday technical resistance is located at $27,276. Please notice the market keeps trading below the 50 and 100 MA, so the short-term outlook remains bearish.
Weekly Pivot Points:
WR3 - $27,485
WR2 - $27,111
WR1 - $26,974
Weekly Pivot - $26,736
WS1 - $26,599
WS2 - $26,321
WS3 - $25,986
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.
