Crypto Industry News:
Goldman Sachs, one of the largest investment banks in the world, has expanded its offering with bitcoin futures. For this purpose, the bank has established cooperation with Galaxy Digital (a broker specializing in cryptocurrencies).
In this way, the bank showed that more important (and also more profitable) than following analysts' recommendations is to offer clients the services for which there is the greatest demand at the moment.
Last year, analysts at Goldman Sachs argued that it was not worth investing in BTC. Later, however, they gradually changed their opinions, as we covered in Goldman Sachs and bitcoin earlier this month. A special change in optics or a temporary romance with a trend?
Information about the launch of trading in BTC futures contracts by Goldman Sachs is another news this month confirming that the bank is increasingly interested in the cryptocurrency market. A few days ago we reported that Goldman Sachs would launch contracts and options on ETH.
Some experts predict that Goldman Sachs' gradual opening up to cryptocurrencies will force other banks to do likewise. Interestingly, usually smaller companies and institutions decide to take such unusual and contradictory steps to the traditional narrative of banks, thus gaining investors' interest.
Technical Market Outlook:
The BTC/USD pair did not bounce significantly during the weekend and keeps heading lower. . So far the lower low was made at the level of $32,600 (at the moment of writing the article). The next obvious target for bears is $32,156 and $31,007. There is still a room for another wave down as the market conditions are not oversold yet. The weak and negative momentum supports the short-term bearish outlook for BTC.
Weekly Pivot Points:
WR3 - $47,340
WR2 - $44,234
WR1 - $39,697
Weekly Pivot - $36,451
WS1 - $31,670
WS2 - $28,714
WS3 - $24,054
Trading Recommendations:
Even despite the recent correction the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).