FX.co ★ Technical Analysis of BTC/USD for October 25, 2021

Crypto Industry News:

Walmart has partnered with Coinstar to install 200 Bitomats in stores across the United States. Although the pilot program only covers 200 points, the plan is to eventually install 8,000 units nationwide as part of a wider roll-out. There are no further details on the dates for now.

There are currently over 25,000 Bitomats in select grocery stores and gas stations in the United States. Coinstar operates 4,400 kiosks serving Bitcoin purchases in 33 states. Thus, Walmart is expanding access to Bitcoin to more people and will increase credibility with skeptics if they release it beyond the initial pilot.

Customers can use the machine by inserting a banknote and receiving a paper coupon with a redemption code. To redeem the code, customers must then create an account and perform background checks. Users are currently unable to withdraw Bitcoin from their account, and there are currently no plans to offer this functionality in the near future.

This is not the first sign of Walmart's interest in the cryptocurrency space. In August, the retail giant announced that it was looking for a crypto product manager to drive the company's digital currency strategy.

Technical Market Outlook

The BTC/USD pair had bounced from the technical support seen at the level of $59,561 and is currently testing the local technical resistance seen at $62,898. The next target for bulls is seen at the last ATH located at $66,974 and above. The positive momentum supports the short-term bullish outlook for BTC. The larger time frame trend is up.

Weekly Pivot Points:

WR3 - $72,680

WR2 - $69,750

WR1 - $64,343

Weekly Pivot - $61,785

WS1 - $57,070

WS2 - $54,248

WS3 - $49,247

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).