Crypto Industry News:
The number of Bitcoin ATM installations recorded a fresh uptrend as in June 2022, for the first time this year, the five-month downward trajectory was reversed.
Crypto ATM installations worldwide have been steadily declining throughout the year, with the lowest number of 205 installations recorded in May. However, in June, more than 882 crypto ATM were installed in just the first ten days.
The decline in May 2022 reached a range that was last seen three years ago in 2019. Over the past two years, in 2020 and 2021, Bitcoin ATM installations have steadily grown thanks to friendlier regulatory landscapes in a satisfying market where many cryptocurrencies have temporarily reached their record values.
In addition, the use of Bitcoin as legal tender in El Salvador contributed to a sharp increase in the number of crypto ATM installations last year. China imposing a ban on cryptocurrency trading and mining has also contributed to a temporary slowdown in the number of ATM installations around the world. Surprisingly, despite regulatory hurdles, China has emerged as the second largest Bitcoin mining center despite an already implemented cryptocurrency ban.
According to the Coin ATM Radar scale, which is based on data collected over the last two months, an average of almost 23 crypto ATMs are installed worldwide daily.
The data also confirms that 38,000 crypto ATMs are currently active worldwide. Crypto ATMs play a key role in the Bitcoin and other cryptocurrency economy, enabling users and investors to exchange fiat currencies for Bitcoin and vice versa.
While ATM transactions do not contribute to the overall liquidity of the Bitcoin network, they do help investors to source crypto assets for fiat currencies. As a result, having local Bitomats is driving the mainstream adoption of cryptocurrencies.
Technical Market Outlook:
The ETH/USD pair had found a temporary support at the level of $1,070, but the market is under the bearish pressure and the next target for bears is seen at the level of $1,000 or below. Currently, the relief bounce is in progress after the Pin Gar candlestick formation was made at the H4 time frame chart, just at the end of the last down wave. The nearest technical resistance is located at $1,233, but in order to change the sentiment to more bullish, the market must break through the level of $1,729 again.
Weekly Pivot Points:
WR3 - $2,216
WR2 - $2,047
WR1 - $1,722
Weekly Pivot - $1,562
WS1 - $1,222
WS2 - $1,054
WS3 - $747
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,729 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,000.