Crypto Industry News:
The former Twitter, now renamed X, is one of the places that brings together cryptocurrency lovers the most. It is therefore not surprising that X intends to introduce the possibility of making transactions on this platform using digital assets. Portal X decided to take a big step in this direction, as evidenced by obtaining a license to mediate money transfers in as many as seven US states.
Twitter's recent rebranding is not just a logo refresh and name change, but an implementation of a plan that Elon Musk has been preparing for years. His ambition is to create "apps for everything" like WeeChat. What's more, X is also supposed to be actively supported by AI, which is why it is a monumental project that could change the face of social media and how we perceive it.
One of the puzzles in this puzzle is also cryptocurrencies, which are of particular interest to Elon Musk. He has repeatedly influenced cryptocurrency rates with his tweets. For this reason, the implementation of payments for digital assets on the X platform is actually a pure formality. However, it turns out that it is easier to plan than to do. Payments in cryptocurrencies require appropriate licenses to provide such services.
Musk has already accumulated seven such licenses and the latest approval was given by the state of Rhode Island. As a result, X already has a license to broker currency transfers from the authorities of Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and Rhode Island.
Since X will introduce cryptocurrencies, it would be logical to introduce your own X token. This, however, will not happen, as Elon Musk has clearly emphasized recently in his tweets. For this reason, speculations began to circulate mainly around DOGE, a cryptocurrency especially liked by the governor X. Dogecoin is unlikely to be the official currency on X, but it will certainly appear among the digital assets available on the platform.
Technical Market Outlook:
The BTC/USD pair had spiked to the upside and made a new local high at the level of $28,136. Currently, the market is in the pull-back mode as it is approaching the level of $26,779 that will act as the technical support. The momentum has hit the extremely overbought conditions on the H4 time frame chart, so now it is time for a pull-back, however, the short-term outlook remains bullish. The next target for bulls is seen at the level of $28,650 (key short-term technical resistance).
Weekly Pivot Points:
WR3 - $26,936
WR2 - $26,167
WR1 - $26,040
Weekly Pivot - $25,938
WS1 - $25,811
WS2 - $25,709
WS3 - $25,480
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.
