Crypto Industry News:
Amid the banking turmoil in the United States, Tether (USDT) has emerged as a major stablecoin.
We can see this in the latest report, which revealed that the stablecoin issuer reported a net profit of almost $1.5 billion in the first quarter of 2023.
According to an official statement, Tether's excess reserves reached a record $2.44 billion in the first quarter, up from $960 million at the end of the fourth quarter of 2022.
Stablecoin ended the first quarter of the year with $81.8 billion in total consolidated assets, while its total liabilities were close to $79.4 billion.
Tether reserves included additional categories such as Bitcoin, physical gold, repos, and corporate bond allocations. BTC holdings totaled $1.5 billion, while precious metals accounted for $3.3 billion.
85% of the stablecoin issuer's investments are held in cash and other short-term deposits. Gold and Bitcoin make up about 4% and 2% of total reserves, respectively.
Technical Market Outlook:
The BTC/USD pair has made a new swing low at the level of $25,834, so the bears are in full control of the market and the next target for bears is seen at the level of $25,257. This level is very close to the 50% Fibonacci retracement level seen at $25,335. The intraday technical resistance is located at $27,453 (50 MA) and $27,670.
The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. Only a sustained breakout above this level might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued.
Weekly Pivot Points:
WR3 - $28,631
WR2 - $27,903
WR1 - $27,652
Weekly Pivot - $27,176
WS1 - $26,924
WS2 - $26,445
WS3 - $25,721
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.