Crypto Industry News:
Since the beginning of the year, Bitcoin has again beaten the returns offered by the world's largest benchmarks, including Chinese, American and Vietnamese indices. The Polish WIG also failed him. Analysts at the largest US bank, JP Morgan, stressed that the outflow of money from centralized finance helped decentralized ecosystems. It was also driven by economies of scale because the capitalization of the entire cryptocurrency market is just over USD 1 trillion and is only a fraction of the global financial market.
An interesting observation was made last summer by Larry Fink, CEO of BlackRock, who pointed out that cryptocurrencies are so small and receive so much global attention. Were the increases lasting since January caused more by the effect of the sales recovery and after the price returns to normal around USD 30,000, optimism will subside? Or maybe on the contrary - Bitcoin has entered a new "halving" cycle? The latest report by JP Morgan analysts emphasizes that the increases in halving have already begun, which may mean that institutions may gradually become interested in the cryptocurrency again.
Despite regulatory difficulties, the cryptocurrency market has been rallying over the past month. BTC outperformed by ignoring SEC comments and investor concerns. The research note states that very much like gold, Bitcoin is beginning to be seen as a hedge against a financial disaster or recession. This may mean that a possible bear market on the stock market caused by decreases in revenues and business valuations will not have to affect the valuation of the largest cryptocurrency.
Technical Market Outlook:
The BTC/USD pair has made a new local high at the level of $30,561 and keeps consolidating the gains around the yearly highs. The next target for bulls is seen at the level of $32,370. Please notice, the market conditions on the H4 time frame chart are now extremely overbought, so a pullback towards the technical support seen at $29,184 has just started. The intraday technical support is seen at the level of $29,679 and intraday technical resistance is seen at $30,503. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls.
Weekly Pivot Points:
WR3 - $34,015
WR2 - $31,762
WR1 - $30,882
Weekly Pivot - $29,511
WS1 - $28,630
WS2 - $27,258
WS3 - $25,006
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.