Crypto Industry News:
Visa and Mastercard payment processors are delaying the launch of new partnerships with crypto firms due to regulatory scrutiny, which has intensified after recent industry bankruptcies, according to a media report. Previously, the payment giants explored USD Coin (Mastercard) payments and stablecoin (Visa) settlements, but have now shifted their plans to launch cryptocurrency-related products and services until market conditions and the regulatory environment improve.
Both Visa and Mastercard are said to be delaying the launch of some cryptocurrency-related products and services until market conditions and the regulatory environment improve. These delays are intended to minimize risks associated with uncertain crypto regulatory environments following the collapse and bankruptcy of digital asset holding companies such as Celsius, FTX, Three Arrows Capital, Voyager Digital and others over the past year.
Technical Market Outlook:
The BTC/USD pair has tested the 50 MA on H4 time frame chart ($23,885), reversed lower and is currently trying to resume the up move againg by approachnig the technical resistance and upper range boundary located at $23,868. The market still trades below the 50 and 100 MA, so the bears remain in control. The intraday technical support is seen at the level of $23,114 and $22,775, so any breakout below this levels will be considered bearish. The market is now developing the correcitve cycle and the weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $24,000
WR2 - $23,709
WR1 - $23,535
Weekly Pivot - $23,417
WS1 - $23,234
WS2 - $23, 126
WS3 - $22,835
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.