FX.co ★ Technical Analysis of BTC/USD for May 11, 2023

Crypto Industry News:

May 8 Bittrex Inc. filed for Chapter 11 bankruptcy protection. The move came three weeks after the SEC accused the company of operating an unregistered stock exchange.

According to the filing, Bittrex had assets between $500 million and $1 billion. It also stated that there were more than 100,000 creditors.

The company reportedly said it was still holding the crypto assets of US customers who had not withdrawn funds before April 30. The exchange said the funds were "safe", adding that it intended to ask the court to reopen customer accounts to allow them to withdraw.

The company also said the bankruptcy filing did not affect its "offshore" operations, i.e. Bittrex Global. However, two other entities, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd., have also filed for US bankruptcy protection.

Technical Market Outlook:

The BTC/USD pair has made a new swing low at the level of $26,810, so the bears are in control of the market. The key technical support levels are $27,259 and $26,972. 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. If there is a breakout above the short-term trend line resistance, then the next target is seen at $30,561. Only a sustained breakout above the swing high might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued for next few days.

Weekly Pivot Points:

WR3 - $29,884

WR2 - $29,080

WR1 - $28,607

Weekly Pivot - $28,315

WS1 - $27,843

WS2 - $27,550

WS3 - $26,786

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.