Crypto Industry News:
It looks like bitcoin is getting closer to universal adoption. Now that even Elon Musk has exposed the cryptocurrency in his Twitter biography section, the price of BTC has risen 19%, reaching $ 37,000 in the day.
According to Marshall Hayner, CEO of cryptocurrency payment solutions provider Metal Pay, Bitcoin is currently in the "fourth wave" of adoption. Hayner stressed that in the last few months the asset had hit an all-time high, and with it emerged institutions that added cryptocurrency to their balance sheets.
According to Hayner, the popularity of Bitcoin, and the fact that it is the "oldest, most liquid" cryptocurrency, prompts corporations to view the asset as a hedge against dollar and Euro inflation:
"This is what I call the" fourth wave "of cryptocurrency adoption. The first three waves are enthusiasm, speculation, usefulness and finally acceptance. "
Since last year, many entities have started accepting Bitcoin. The list includes Galaxy Digital, PayPal, Marathon Patent Group, Ruffer, Square, among others. The largest owner of the digital asset in this regard has become Microstrategy with 70,784 BTC in its portfolio.
Marshall Hayner found that, as with large corporate investors, domestic banks reporting to the US Office of the Comptroller of the Currency (OCC) have reached a level of "mass acceptance" and "understanding" of Bitcoin.
Technical Market Outlook:
The BTC/USD pair keeps trading in a narrow zone located between the levels of $32,921 - $34,839. The bounce from the level of $32,175 might be considered as a trend line test from the upside, so now the road towards upper price levels is open. If the level of $34,839 is clearly violated, then bull might rally straight back to the recent local high located at $38,683 and even break higher. However, the momentum on the RSI indicator is still close to the neutral level, so no real strength is coming to markets yet.
Weekly Pivot Points:
WR3 - $46,671
WR2 - $42,502
WR1 - $37,109
Weekly Pivot - $33,428
WS1 - $27,789
WS2 - $23,603
WS3 - $18,571
Trading Recommendations:
Despite the recent corrective cycle the bulls are still in control of the market. The up trend continues and the next long term target for Bitcoin is seen at the level of $50,000, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $20,000 is clearly broken.