Crypto Industry News:

A new survey from the Bank of Canada shows that Canadians are overwhelmingly opposed to their central bank issuing a central bank digital currency (CBDC).

The report published on Wednesday analyzed the results of public consultations on CBDC. These ran from May 8 to June 19, 2023. 89,424 opinions were collected from Canadians across all provinces and income levels.

"The vast majority of respondents (85%) say they would not use a digital Canadian dollar," the report says. As many as 92% said they would prefer to stick to existing payment methods, such as cash or payment cards.

Interestingly, only 14% of respondents who already own cryptocurrencies said they would prefer a digital dollar over alternative payment methods. 19% of respondents fear that CBDC will give the government "too much control" over citizens. 15% say directly: the introduction of this technology will threaten their privacy, and another 15% believe that it will result in a "loss of individual choice" when it comes to paying for goods and services.

Canadians fear the government will try to phase out the cash. 86% supported the adoption of regulations requiring sellers to continue accepting cash as a means of payment.

Technical Market Outlook:

The BTC/USD pair had made a new marginal swing high at the level of $38,504. Any violation of this level would extend the rally towards the next target seen at $40,000. The intraday technical support is seen at the level of $35,640 and the intraday technical resistance is located at $37,770 and $38,028. The strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for BTC, but for now the market keeps consolidating in a narrow horizontal zone. Breakout is widely expected.

Weekly Pivot Points:

WR3 - $45,191

WR2 - $40,087

WR1 - $39,050

Weekly Pivot - $36,555

WS1 - $34,731

WS2 - $32,234

WS3 - $27,915

Trading Outlook:

The bulls have successfully breached the pivotal level of $25,442, marking a significant shift in the mid-term outlook for BTC towards a bullish trajectory. The next objective for the bulls is set at $40,000. The potential for a sustained long-term uptrend remains, provided the critical level of $19,572 is not decisively violated.