Crypto Industry News:
European lawmakers are moving forward with the introduction of an EU-wide digital wallet. After the plenary vote on moving the initiative to interinstitutional negotiations, the majority of MEPs supported the draft.
On 15 March, the European Parliament voted in favor of negotiating a mandate for talks with EU Member States on the revision of the new European Digital Identity (eID) framework. According to the official announcement, the plenary vote ended with 418 votes in favor and 103 against, with 24 abstentions.
After being approved in plenary, the EU Council is now ready to start discussing the final wording of the law immediately, MEPs said. Parliament's position in the negotiations will be based on amendments adopted in February by the Committee on Industry, Research and Energy (ITRE).
As previously reported, ITRE has included a zero-knowledge proof standard in its eID amendments, with the aim of giving EU citizens full control over their identification data.
Technical Market Outlook:
The BTC/USD pair has competed the pull-back at the level of $23,926 and is currently approaching the swing high seen at the level of $25,257. Because this is the key short-term technical resistance, any sustained breakout above this level will change the mid-term sentiment on the cryptocurrency market for more bullish. The momentum on the H4 time-frame chart remains on the elevated levels, so the resumption of the up trend is still on the table as along as the level of $23,926 is not clearly violated (no daily candle close below this level) Please notice, the market keeps trading above the 50 and 100 moving average on the H4 time-frame chart and with the strong and positive momentum, the short-term outlook for BTC remains bullish.
Weekly Pivot Points:
WR3 - $24,010
WR2 - $23,176
WR1 - $22,860
Weekly Pivot - $22,341
WS1 - $21,967
WS2 - $21,506
WS3 - $20,672
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.