Crypto Industry News:

One of the largest British banks, Lloyds Bank, warns: the number of crypto scams, or more precisely, the number of victims of investment frauds related to cryptocurrencies, has increased. The increase is 23% this year, compared to the same period in 2022.

According to a press release issued by Lloyds Bank, more and more investors are facing the risk of becoming victims of fraud through waves of false advertisements published on social media. Each victim of cryptocurrency investment fraud loses an average of $13,115 (approx. PLN 55,000), an increase from $8,562 (approx. PLN 35,000) compared to the previous year. This amount exceeds losses from other consumer frauds, such as marriage fraud and shopping fraud.

According to the document, people aged 25-34 make up a quarter of all victims of cryptocurrency fraud. This is the most vulnerable age group. Organized criminal groups that plan this type of fraud are constantly optimizing their strategies. They want to capitalize on new trends by tricking more victims into willingly giving up their money. Recently, their attention has also been directed towards younger investors, lured by the prospect of getting rich quickly by trading cryptocurrencies. Young crypto investors usually make an average of three payments before realizing they have fallen victim to fraud. Typically, it takes about 100 days from the date of the first transaction before they report it to their bank. Unfortunately, by this time the funds are usually irretrievably lost for the bank and its client.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $38,027 as the bulls are in control of the market. The price is again coming off the extremely overbought conditions on the H4 time frame chart and the Bearish Divergence between the price and the momentum on the H4 time-frame chart helps bears to make 3.5% pull-back. The intraday technical support is seen at $36,207 and the intraday technical resistance is seen at $37,521. The next target for bulls is seen at the level of $40,000, but first the last week high located at $37,889 must be violated. The momentum remains strong and positive, so after the pull-back for the last swing high is done, the up trend shall continue.

Weekly Pivot Points:

WR3 - $38,322

WR2 - $37,676

WR1 - $37,333

Weekly Pivot - $37,030

WS1 - $36,687

WS2 - $36,384

WS3 - $35,738

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $40,000. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.