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Crypto Industry News:
The world's largest digital asset manager, Grayscale, will reportedly make its case in court over a potential Bitcoin ETF launch in the US on March 7. The US Securities and Exchange Commission (SEC) will oppose this.
Grayscale has repeatedly indicated its intention to introduce an exchange-traded fund (ETF) tracking Bitcoin performance in the United States, but so far to no avail. The SEC rejected the product's launch last June and reiterated its decision a few months later.
Craig Salm, Grayscale's chief legal officer, maintained in 2021 that the SEC may have a "clear vision" on ETFs, but should be more open about it. CEO Michael Sonnenshein went further, promising to sue the regulator for rejecting the company's initiative.
According to recent reports, the District of Columbia Court of Appeals ordered both parties to meet in court on March 7 to present their point of view. Grayscale previously expected the legal battle to begin in the second quarter of 2023.
Technical Market Outlook:
The BTC/USD pair keeps trading above 100 MA, nevertheless the recent rally had been capped at $23,413 after the Bearish Engulfing candlestick pattern was made at H4 time frame chart. A breakout above the level of $25,000 is needed in order to extend the rally towards the key short-term technical resistance seen at $25,442. On the other hand, any breakout below the range low ($22,330) would extend the corrective cycle towards the level of $21,466 (November 5th high). Strong and positive momentum support the short-term bullish outlook, however, the market is trading in a extremely overbought conditions.
Weekly Pivot Points:
WR3 - $24,368
WR2 - $23,535
WR1 - $23,112
Weekly Pivot - $22,702
WS1 - $22,278
WS2 - $21,869
WS3 - $21,035
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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