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Crypto Industry News:
The UK has moved forward with the Financial Services and Markets Act sharpening its vision of Bitcoin and the country's "digital clearing asset".
The bill proposes "a series of measures to maintain and strengthen the UK's position as a world leader in financial services, ensuring that the sector continues to provide services to individuals and businesses across the country."
This law confirms Britain's intention to become a global cryptocurrency hub, as repeated by Lisa Cameron, MP and chairwoman of the All-Party Parliamentary Group The Crypto and Digital Assets. In a weekend interview, she explained that cryptocurrencies are in the mind of lawmakers, although there is still a long way to go.
The law builds on existing measures to extend the stablecoin regulation and introduces "digital settlement assets" (DSA) as a new term, moving away from the use of "crypto assets". According to the UK government, "crypto assets use some form of distributed ledger technology (DLT)" while DSAs include stablecoins, "because of their potential to turn into universal tender."
The UK government has previously commented that there will be a "package of measures" to improve regulation and transparency on Blockchain, Cryptocurrencies and Bitcoin.
Elsewhere, the new prime minister, Rishi Sunak, also expressed interest in certain areas of cryptocurrency, such as support for the creation of the Royal Mint NFT token.
The recognition of cryptographic and digital assets as financial instruments has yet to be enshrined in law. The Act Must Pass Key Steps: The House of Lords will need to approve or amend the law before final royal approval by the new monarch, King Charles III.
Technical Market Outlook:
The BTC/USD pair has finally broken through the supply zone located between the levels of $20,221 - $20,580 (marked as a red rectangle; now will act as a demand zone) and made a local high at the level of $21,017 (at the time of writing the analysis). This strong up move has forced the momentum indicator to hit the extremely overbought conditions on the H4 time frame chart, so a pull-back towards the intraday technical support seen at $20,580 is welcome. Nevertheless, the next target for bulls is seen at the level of $22,410 and if the momentum would have stayed on the elevated levels, this target could be hit even by the end of this week.
Weekly Pivot Points:
WR3 - $20,025
WR2 - $19,682
WR1 - $19,461
Weekly Pivot - $19,340
WS1 - $19,119
WS2 - $18,997
WS3 - $18,655
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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