FX.co ★ Technical Analysis of BTC/USD for July 4, 2023

Crypto Industry News:

Tether, the company behind USDT, announced that it is starting cooperation with Georgia. According to Tether's official statement and Forklog report, the company has signed a Memorandum of Understanding (MOU) with the Georgian government.

At the beginning, the company intends to create a fund that will support investments and subsidize Georgian startups operating in the field of blockchain technology. These activities are aimed at promoting Georgia as a country with an attractive ecosystem for technological start-ups.

The company responsible for one of the most popular stablecoins also intends to promote the use of payment systems based on peer-to-peer technology in Georgia. Tether will introduce such a system in both the public administration sector and the private sector.

Deputy Minister of Economy and Sustainable Development of Georgia, Irakli Nadareishvili, stated that the government agreed to cooperate in the field of education related to blockchain technology. This decision was dictated by the desire to develop local representatives of blockchain technology in the country, as well as the introduction of companies operating in this field to Georgia.

It is worth adding that this decision may be quite surprising, because Georgia had a rather mixed relationship with the world of cryptocurrencies until then. According to data from the University of Cambridge from January 2022, Georgia is responsible for only 0.23% of the Bitcoin hashrate in the world.

Georgia is turning to blockchain technology today as it sees the growing potential of not only cryptocurrencies but also Web3.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $31,372 as the up trend has resumed. 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 and the line in sand for bulls. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready to continue the up move. 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.