Crypto Industry News:
Edward Snowden touted Bitcoin's durability despite the increasing amount of regulatory controls over cryptocurrencies around the world.
A former agent of the US Central Intelligence Agency stated on Twitter that Bitcoin has become stronger thanks to government bans and anti-cryptocurrency policy.
Snowden's tweet referenced comments on March 13, 2020, during the Black Thursday crisis that caused cryptocurrency and stock markets to collapse amid fears of the coronavirus pandemic. Snowden was not concerned about Bitcoin's 50% decline at the time.
"The number has risen about 10 times since then, despite a coordinated global campaign by governments to challenge public understanding and support for cryptocurrencies," Snowden tweeted on Sunday.
During the Black Thursday crash in March 2020, Bitcoin fell to $ 3,800. However, it has since set a new all-time record of around $ 64,800.
Trading above $ 47,000 since its publication, the BTC spot price has increased more than 10 times since Snowden's March 2020 tweet.
Indeed, 2021 was a year of sweeping Bitcoin and cryptocurrencies, especially in China, where Beijing authorities raised the stakes on negative cryptocurrency policies.
Snowden previously commented on the El Salvador Bitcoin Act, stating that other countries could thus be encouraged to accept BTC as a reserve asset.
Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $51,852 (at the time of writing the article) and some Pin Bars are now present at the end of the rally at the H4 time frame chart. It looks like, the market might have been completed the wave 3/C and it is ready for a pull-back. The key short-term technical support is located at the level of $48,775, but the immediate technical support is located at $50,465.
Weekly Pivot Points:
WR3 - $61,007
WR2 - $54,857
WR1 - $52,632
Weekly Pivot - $42,280
WS1 - $43,798
WS2 - $38,065
WS3 - $35,092
Trading Outlook:
According to the long-term charts 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. The next mid-term target is seen at the level of $59,506. 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).