FX.co ★ Technical Analysis of BTC/USD for June 23, 2023

Crypto Industry News:

It seems that Santander, a leading Spanish commercial bank with a market value of $57 billion, has just taken a more positive stance on Bitcoin. In the past, Banco Santander was skeptical about the cryptocurrency sector and, among others, made it difficult for its customers to use the cards in this regard. Today, the bank launched an educational series on its website called "Digital Assets 101" aimed at educating the public about Bitcoin and its fundamentals and benefits.

The first lesson, titled "Everything you need to know about Bitcoin," was posted on June 9, followed by another lecture focusing on the pros and cons of the Lightning Network protocol. The education division highlighted the Lightning Network's ability to facilitate the processing of large volumes of instant micropayments while handling millions of transactions per second.

The change in Santander's approach coincides with the trend among large financial institutions, in particular banks and capital groups professionally managing assets, which see potential development opportunities in the field of finance and technology in the cryptocurrency space. Many of these institutions have applied or reapplied in recent days for Bitcoin ETF spot funds to give their clients indirect exposure to crypto assets by buying shares of the fund instead of just BTC.

Technical Market Outlook:

The BTC/USD pair has been seen consolidating the recent gains after the 25% rally from the last low hit the level of $30,777. The intraday technical support is seen at the level of $29,901 and the intraday technical resistance is located at $30,328. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The market conditions are still extremely overbought on the H4 time frame chart and on a Daily time frame chart, so the pull-back might happen soon. The next target for bulls is still seen at the level of $32,350.

Weekly Pivot Points:

WR3 - $26,778

WR2 - $26,563

WR1 - $26,480

Weekly Pivot - $26,348

WS1 - $26,256

WS2 - $26,123

WS3 - $25,978

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.