Crypto Industry News:
Few people use cryptocurrencies to pay for everyday goods as transaction fees are high and sellers do not accept cryptocurrency as payment.
Payment company Strike recently announced a partnership with point-of-sale provider NCR and payment company Blackhawk Network, meaning a large number of US stores and restaurants will soon be able to accept bitcoin. The planned Strike payment system uses the Lighting Network to process the transaction.
Partnerships with physical stores are a more important milestone in the evolution of the use of bitcoin as a means of payment, as more than 85% of US sales are made in stores rather than online. The fee for sending a BTC transaction using the Lightning Network is close to zero, which means it's more practical to make small payments that would normally be made using a debit card.
Historical volatility in crypto priced commodities has also discouraged the use of digital assets. However, the ability to accept cryptocurrencies with cryptocurrency cards or existing payment terminals can lead to a decrease in volatility of digital assets.
Technical Market Outlook:
The BTC/USD pair bounce had been capped at the level of $42,2951 and the market strongly reversed after the second Bearish Engulfing candlestick pattern made at the H4 time frame chart pushed the price towards the technical support seen at $40,606. The local low however was made at the level of $39,806 and now will act as the intraday technical support. The momentum remains neutral after the drop and is on the edge of moving inside the negative zone. The next target for bears is seen at the level of $39,274 and $38,564.
Weekly Pivot Points:
WR3 - $46,129
WR2 - $44,704
WR1 - $42,258
Weekly Pivot - $40,652
WS1 - $38,302
WS2 - $36,789
WS3 - $34,347
Trading Outlook:
The last push down on the Bitcoin H4 time frame chart was completely retraced as the V-shape reversal was made very quickly. The bulls are temporary in control of the market and they are heading towards the level of $41,579 first, then higher towards $43,371. The key supply zone is located between the levels of $44,785 - $45,826.