FX.co ★ Technical Analysis of BTC/USD for July 3, 2023

Crypto Industry News:

Cryptocurrency exchange Binance has informed users that its current Euro banking partner, Paysafe Payment Solutions, will no longer support the exchange.

According to emails sent to customers by Binance, Euro support provided by Paysafe will end after September 25 this year. The exchange announced that it will switch to a new service provider for deposits and withdrawals in EUR via SEPA bank transfer. So far, it has not been announced who will be the successor of Paysafe.

A Binance spokesperson said what users should expect when service is discontinued:

"Users will need to update the bank details used to deposit into their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services."

Until then, Binance has confirmed that all current methods of depositing and withdrawing other fiat currencies as well as buying and selling cryptocurrencies on Binance remain unchanged.

The exchange added that the information regarding payments in euros "is not related" to the exchange's recent departure from many EU countries. In recent months, Binance has faced a wave of opposition from regulators around the world, resulting in the cessation of operations in various countries.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $31,052 as the up trend has resumed, but for the all weekend long the volatility was very limited. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.

Weekly Pivot Points:

WR3 - $31,091

WR2 - $30,856

WR1 - $30,720

Weekly Pivot - $30,622

WS1 - $30,486

WS2 - $30,388

WS3 - $30,156

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.