Crypto Industry News:
The American stock exchange Kraken announced a planned transaction to acquire the Dutch cryptocurrency exchange Coin Meester B.V. (BCM), as part of its expansion in the European market.
Although financial details of the deal were not disclosed, Kraken and BCM announced the upcoming acquisition following the European Union's implementation of the Markets in Crypto Assets (MiCA) regulatory framework.
Kraken's announcement highlighted its plans to expand its business in Europe, particularly after obtaining a Virtual Asset Service Provider (VASP) license to operate in Ireland, Italy and Spain.
A statement from Kraken CEO David Ripley highlighted the strength of the Dutch economy, high level of cryptocurrency adoption and culture of innovation as the main factors that led the company to establish an operational base in the country.
BCM, recently rebranded from Bitcoin Meester, was founded in 2017 and offers cryptocurrency trading and staking services, including access to over 170 cryptocurrencies.
The company is registered as a cryptocurrency service provider with the Dutch Central Bank, the country's central bank. Both companies note that the transaction is subject to regulatory approval, including approval from the Dutch central bank.
Technical Market Outlook:
The BTC/USD pair has reversed back to the middle of the ascending channel after a failed spike up above $28k. The next target for bulls is seen at the level of $28,687 and $28,800. The intraday technical support is seen at $27,144 and the intraday technical resistance is located at $28,125. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is testing the neutral level of fifty. Any breakout lower would likely extend the down move on BTC towards the level of $26,909 (100 MA).
Weekly Pivot Points:
WR3 - $28,205
WR2 - $28,019
WR1 - $27,907
Weekly Pivot - $27,834
WS1 - $27,722
WS2 - $27,648
WS3 - $27,462
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.
