Crypto Industry News:
In addition to making rapid progress in regulating cryptocurrency mining, Kazakhstan will launch a pilot project on crypto exchanges. It will be built in the special economic zone of the Astana International Finance Center.
The Ministry of Digital Development, Innovation and Aviation Industry of the Republic of Kazakhstan has announced a pilot project of cooperation between crypto exchanges and some local banks.
The assumptions of this cooperation were formulated by a working group, consisting of representatives of the Ministry of Digitization, the National Bank, the Financial Monitoring Agency, the Association of Financiers, the Astana International Finance Center, and financial market and cryptocurrency stakeholders.
The pilot project will run until the end of 2022 and will cover exchanges that have obtained a license from the recently established Astana Financial Service Authority. AFSA will prepare a plan for the further development of Kazakhstan as a regional cryptocurrency center. More detailed guidelines should be published soon on the AIFC website.
Technical Market Outlook:
After the BTC/USD pair had made a new swing low at the level of $20,759, the bulls broke above the short-term trend line resistance and are currently testing it from above around the level of $20,840. Any violation of this level will open the road back towards $20k. On the other hand, the nearest technical resistance is located at $23,000, but in order to change the sentiment to more bullish, the market must break through the level of $27,921 again.
Weekly Pivot Points:
WR3 - $34,537
WR2 - $33,170
WR1 - $29,508
Weekly Pivot - $28,238
WS1 - $24,813
WS2 - $23,432
WS3 - $20,071
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.