Crypto Industry News:

Do Kwon was close to being released from a Montenegrin prison and transferred to house arrest. However, the court granted the prosecutor's request. As a result, the former CEO of Terra will remain behind bars.

Let's briefly recall the last fate of the former boss of Terra. In March, Do Kwon was detained at an airport in Montenegro. The reason was that he tried to cross the border using a forged passport. Of course, his search continued in the background. The services of several countries and Interpol wanted to find him.

Kwon ended up behind bars and was supposed to wait for his sentence in a penitentiary. His lawyers demanded that he be released on bail. They wanted him to wait for the sentence under house arrest (he would be sent to his lawyer's apartment). There were many indications that the businessman would be released from prison. Ultimately, however, the judge disagreed. On Wednesday, a justice spokesman told Bloomberg that a court in the capital had overturned a decision by a lower judge who had agreed to release Kwon on bail worth around €400,000.

A similar fate befell Han Chong-Joon, Kwon's co-worker who was imprisoned with him. He, too, will be awaiting trial in prison.

Technical Market Outlook:

The BTC/USD pair has broken out from a narrow range and tested the key short-term technical resistance seen at $28,325. The next target for bulls is seen at the level of $29,186 and the intraday technical support is seen at $27,667. The momentum on the H4 time frame chart is strong and positive, but the market has hit the extremely overbought conditions, so a pull-back is welcome.

Weekly Pivot Points:

WR3 - $29,254

WR2 - $28,640

WR1 - $28,255

Weekly Pivot - $28,028

WS1 - $27,645

WS2 - $27,415

WS3 - $26,803

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 $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.