Crypto Industry News:

The Italian Banking Association (ABI) has revealed that it wants to support the implementation of the digital currency from the European Central Bank.

According to information on the ABI website, the association approved guidelines governing its position on the digital currency and digital currencies of the central bank (CBDC).

ABI - representing a group of banks in Italy - stated that it is ready to "participate in projects and experiments on the digital currency of the European Central Bank [...] to accelerate the implementation of the initiative at European level".

ABI listed 'monetary stability' and compliance with the provisions related to the digital Euro as two main priorities.

The association said that the creation of a European CBDC could allow for more cross-border P2P transactions, reduce the impact of interest rates and exchange rates, and generally simply reduce the size of the bureaucratic payment process.

According to ABI, developing a digital currency in the European Union could replace cryptocurrency demand.

"The existence of [European CBDC] could at the same time reduce the attractiveness of instruments with comparable applications but issued by private individuals or (in the case of total decentralization) which cannot be identified, characterized by an internally higher risk profile," reads in a statement.

Technical Market Outlook:

The BTC/USD pair has been seen trading in a narrow range after a bounce from the level of $8,952. Moreover, the recent rally turned out to be a fake one and the price has returned below the short-term trend line resistance again. Please keep an eye on the key short-term technical support located at the level of $8,858 as any violation of this level might accelerate the drop towards the level of $8,565. The key technical support is located at the level of $8,8858. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $10,274

WR2 - $9,895

WR1 - $9,583

Weekly Pivot - $9,212

WS1 - $8,912

WS2 - $8,511

WS3 - $8,252

Trading Recommendations:

The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.