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Crypto Industry News:
Bank of America alleges that the leading cryptocurrency is impractical to use, disturbingly volatile, and harmful to the environment. By assuming a high degree of dependence on the US dollar, it is also fairly easily "manipulated" compared to other store-of-value assets. Moreover, it has been calculated how much money is needed to move the bitcoin rate by 1% - it only takes 93 million dollars.
The report showed that it would take at least $ 2 billion in revenues to shift the price of gold one percentile. At the same time, more than $ 2.25 billion would be needed to have the same effect on the price of 20-year government bonds.
Bank of America analysts attribute the small cost needed to shift the price of bitcoin to a large accumulation of whales, which has resulted in a decline in the number of digital coins available for purchase on exchanges. They stated that "when analyzing the detailed records in the blockchain, it turns out that the largest addresses have not been selling BTC since the beginning of March 2020."
Technical Market Outlook:
The BTC/USD pair is getting ready to test the last week low seen at the level of $38,564 as the bearish pressure intensify. In a case of a breakout, the next target for bears is seen at the level of $37,509. The nearest technical resistance is located at $39,274. To down trend continues and there is no indication of trend termination or reversal just yet.
Weekly Pivot Points:
WR3 - $45,929
WR2 - $44,377
WR1 - $41,615
Weekly Pivot - $40,006
WS1 - $37,224
WS2 - $35,762
WS3 - $32,950
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $32,899.
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