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Crypto Industry News:
US Senator Elizabeth Warren praised the efforts of the national securities regulator and its chief Gary Gensler in overseeing the crypto industry. At the same time, she called on lawmakers to provide the body with the necessary resources and powers.
Gensler, who took control of the U.S. SEC in 2021, had to "put the genie back in the bottle and bring the crypto ecosystem into compliance" after former President Donald Trump's regulators "let it explode," the senator said.
The SEC worked to protect investors from crypto products and prevented "Bitcoin exchange-traded funds" from entering the market, Warren said. She also praised the commission's enforcement actions against cryptocurrency promoters such as Kim Kardashian and cryptocurrency exchanges such as Coinbase for alleged insider trading.
Warren also analyzed the collapse of cryptocurrency exchange FTX, which caused a stir in the industry and prompted regulators to step up their efforts to improve oversight. She also called for FTX founder Sam Bankman-Fried to be held to account to the "full extent of the law".
"The SEC should redouble its forces and use its enforcement tools. Congress must increase the resources that are needed to ensure that the body can perform its duties with full force in every corner of the crypto market."
She added that all U.S. regulators must work together to oversee many aspects of the industry, including its environmental impacts from mining activities.
Gensler has been criticized for allegedly meeting Bankman-Fried, who was once Washington's "crypto darling". As reported by the media, one in three US lawmakers received donations from FTX before its demise.
Technical Market Outlook:
The BTC/USD pair keeps trading above 100 MA, nevertheless the recent rally had been capped at $23,784 after the Bearish Engulfing candlestick pattern was made at H4 time frame chart. A breakout above the level of $25,000 is needed in order to extend the rally towards the key short-term technical resistance seen at $25,442. Please notice the growing bearish Divergence on the H4 time frame chart that pushed the price to the middle of the range already. On the other hand, any breakout below the range low ($22,330) would extend the corrective cycle towards the level of $21,466 (November 5th high). Strong and positive momentum support the short-term bullish outlook, however, the market is trading in a extremely overbought conditions.
Weekly Pivot Points:
WR3 - $24,368
WR2 - $23,535
WR1 - $23,112
Weekly Pivot - $22,702
WS1 - $22,278
WS2 - $21,869
WS3 - $21,035
Trading Outlook:
Despite the recent rally, 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 gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
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