Crypto Industry News:
United States government prosecutors are trying to stop the former head of the Binance cryptocurrency exchange Changpeng Zhao from leaving the country. They fear that CZ will want to flee to his home in the United Arab Emirates. The situation of the former CEO of the Binance exchange is still ongoing, as his trial date has been set for February 2024. A decision has yet to be made on whether Zhao will return home to the United Arab Emirates, and prosecutors are pressing ahead, fearing Zhao will flee.
In recent days, the Binance exchange has experienced a real earthquake. Cryptocurrency tectonic upheaval has been underway for some time, as the SEC has been keeping a close eye on one of the world's largest cryptocurrency exchanges over the past year. It was known that the SEC would finally attack, as the US regulator began its crusade against the cryptocurrency market. The settlement between Binance and the DOJ (Department of Justice) turned out to be the only way for Binance to continue operating in the market.
The terms of the settlement included not only a huge fine of over USD 4 billion, but also the need for Changpeng Zhao to step down as CEO of the stock exchange. Zhao is its founder, so the information about his resignation was widely reported. However, it turns out that the case has a continuation. Zhao pleaded guilty to the charges, so he faces a trial and a verdict in February 2024. The former CEO of Binance wants to return to his home in the United Arab Emirates, but prosecutors are afraid of his escape.
Technical Market Outlook:
The BTC/USD pair has bounced from the technical support located at the level of $35,640 and is close to the swing high again (4th time). Any violation of this level would extend the rally towards the next target seen at $40,000. The intraday technical support is seen at the level of $35,640 and the intraday technical resistance is located at $37,770 and $38,028. The strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for BTC.
Weekly Pivot Points:
WR3 - $41,363
WR2 - $39,678
WR1 - $38,135
Weekly Pivot - $36,446
WS1 - $34,906
WS2 - $33,218
WS3 - $31,678
Trading Outlook:
The bulls have successfully breached the pivotal level of $25,442, marking a significant shift in the mid-term outlook for BTC towards a bullish trajectory. The next objective for the bulls is set at $40,000. The potential for a sustained long-term uptrend remains, provided the critical level of $19,572 is not decisively violated.