FX.co ★ Technical Analysis of BTC/USD for September 12, 2023

Crypto Industry News:

David Marcus, the former director of PayPal, gave a television interview. The expert admits that Bitcoin will soon become a global payment system and may even replace the SWIFT system.

Marcus' words electrified the cryptocurrency community and sparked a lot of discussion on social media. Marcus notes in the interview that Bitcoin is no longer just a geeky gadget, but has become a digital asset of interest to global finance.

The former CFO of Facebook and PayPal talked about his new project in an interview. Lightspark is a project that aims to ensure payments settled in the second layer of Bitcoin, i.e. the Lighting Network. This solution has become increasingly popular recently because it offers off-chain transactions.

David Marcus' ambition is to transform Satoshi Nakamoto's cryptocurrency into a global payment system. A former PayPal executive says Bitcoin has the potential to become a payments network. It will be similar to PayPal, but based on the decentralized Bitcoin network. According to Marcus, Bitcoin may soon become a universal protocol for transferring money on the Internet. Thanks to the Lighting Network, users will be able to transfer any currency, such as euros, dollars or yen, in the blink of an eye.

Technical Market Outlook:

The BTC/USD pair has broken below the key short-term technical support seen at the level of $25,356 and made a new swing low at the level of $25k. The price bounced nicely towards the old trading range anyway but the bearish pressure is strong as the momentum is again weak and negative. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The intraday technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,015.

Weekly Pivot Points:

WR3 - $26,241

WR2 - $26,002

WR1 - $25,911

Weekly Pivot - $25,765

WS1 - $25,672

WS2 - $25,525

WS3 - $25,268

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.