Crypto Industry News:
If you have been following the cryptocurrency market in recent weeks, you have surely noticed that Bitcoin is not having the easiest time. As the indicator by Santiment indicates, investor sentiment is apprehensive and courage is at its lowest levels in many months.
The indicator presented by Santiment shows that the Bitcoin-weighted sentiment has recently shown a significant negative value. This suggests that there is a lot of discussion related to BTC on social media platforms, and the content of published posts is strongly negative. There has not been such negative sentiment since the COVID-19 pandemic in March 2020.
On the one hand, the return of "fear" to the market may be related to reports of actions taken by the Securities and Exchange Commission (SEC) in the United States. They caused some confusion in the market by filing lawsuits against Binance and Coinbase, two giants in the crypto world. As a result, the value of Bitcoin fell from over $27,000 to a multi-month low below $25,000.
It is worth remembering that despite the concerns, Bitcoin is still out of the reach of the SEC. That's why many experts, such as Michael Saylor, president of MicroStrategy, believe that in the current situation, he may prove to be an unexpected winner. He claims that the price of BTC may exceed $250,000.
Technical Market Outlook:
The BTC/USD pair has made a news swing low at the level of $24,833 as the breakout from the range finally occurred. The next target for bears is seen at the level of $23,927. The weak and negative momentum supports the short-term bearish outlook for BTC. The nearest technical resistance is located at the level of $25,442.
Weekly Pivot Points:
WR3 - $26,597
WR2 - $26,192
WR1 - $25,993
Weekly Pivot - $25,787
WS1 - $25,588
WS2 - $25,383
WS3 - $24,978
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.
