Crypto Industry News:

China's actions regarding the central bank's digital currency (CBDC) show no signs of slowing down. Updated October 2021 results were revealed during Hong Kong Fintech Week.

The digital Yuan (e-CNY) to replace cash in day-to-day transactions is gaining ground with both individuals and businesses, according to Mu Changchun, head of the People's Bank of China (PBoC). Speaking at the conference, Mu said the number of individual digital accounts has reached 140 million, while corporations have created another 10 million accounts.

While the official launch date for e-CNY is still unclear, China continues to extend the rollout of trial versions to over a dozen regions. With a wide range of vendors, from utilities, catering and transportation services to retail and government services accepting CBDCs, $ 62bn. Yuan ($ 9.7 billion) was spent using e-CNY wallets in October 2021, reports Reuters.

The executive director of PBoC has also detailed the different types of e-CNY portfolios. A basic wallet with an annual transaction limit of 50,000 Yuan ($ 7,800) only requires a phone number to activate. If users want to open an e-CNY wallet with unlimited transactions, they need to go to the cashier with a personal ID.

China is aiming to completely replace cash payments with digital Yuan, and as of April 2020, the country has continued extensive testing in major cities. Chinese CBDC is controlled, tracked and registered in smartphone applications by the Chinese government.

Technical Market Outlook

After the BTC/USD pair has broken above the short-term trend line resistance around the level of $62,000, the bears had tested it from above and bounced back up towards the level of $63,000. The market made a local low at the level of $60,218 during an increased volatility period. The next target for bulls is seen at the level of $64,920 and $66,970 (ATH). On the other hand, the first Fibonacci retracement level, the 38% level, is seen at $56,934. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $70,127

WR2 - $66,705

WR1 - $64,387

Weekly Pivot - $60,937

WS1 - $58,287

WS2 - $54,685

WS3 - $52,480

Trading Outlook:

According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).