Crypto Industry News:
A Chinese government official has been sentenced to life imprisonment for operating an illegal Bitcoin mining business worth 2.4 billion Chinese Yuan ($329 million) and unrelated corruption charges.
According to local media reports, the Hangzhou Intermediate People's Court sentenced Xiao Yi, a former member of the Party Group of the Jiangxi Provincial Political Conference and vice-chairman, to life imprisonment for corruption and abuse of power on August 22.
The corruption allegations stem from non-cryptocurrency activities involving bribery between 2008 and 2021. The allegations of abuse of power, dating from 2017 to 2021, stem from providing financial and energy subsidies to Jiumu Group Genesis Technology, based in Fuzhou City, which at one point operated over 160,000 Bitcoin mining machines.
Technical Market Outlook:
The BTC/USD bulls keep trying to bounce from the low made at the level of $25,367 and trigger a bigger correction to the upside, but the current local bounce high was made at the level of $26,743. The level of $25,560 will now act as the technical support, but the key short-term technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.
Weekly Pivot Points:
WR3 - $26,439
WR2 - $26,243
WR1 - $26,125
Weekly Pivot - $26,047
WS1 - $25,929
WS2 - $25,851
WS3 - $25,655
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.
