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Crypto Industry News:
The events that we have witnessed during the past week will undoubtedly go down in the history of the cryptocurrency world. Despite the ever greater specter of a prolonged bear market and the loud fall of Luna, the United Kingdom has announced an unexpected and bold step towards adopting cryptocurrencies. Namely, the Treasury Department announced work on a law that will make stablecoins legal tender.
In the words of Her Majesty's Treasury spokesman, the planned regulations are aimed at creating favorable conditions for service providers and issuers of stablecoins and ensuring the stability, reliability and security of the instruments offered.
Despite the fact that the word "regulation" is perceived rather negatively by the cryptocurrency community, the decision of the UK government to legalize transactions using stablecoins was received with great enthusiasm. What's more, it is so surprising that it appeared just after the crash related to the collapse of UST. The UK Department of the Treasury said its policy objective is to keep the home service industry at the forefront of new technology and innovation, and that the UST case, while tragic in itself, will in fact help speed up the process.
However, the UK government clearly states that due to the recent events in the Terra ecosystem and the extreme declines on Luna and UST, it does not intend to legalize algorithmic stablecoins, and will focus on currencies fully secured by cash or its equivalents in the form of e.g. bonds.
The decision of the British Treasury Department, despite the reluctance of the cryptocurrency community to regulate, could have a salutary effect on a severely damaged trust in stablecoins.
Technical Market Outlook:
The BTC/USD pair has bounced from the swing low made at the level of $25,367 after the Pin Bar candlestick was made at the end of the down move. The bulls keep trying to bounce higher and are currently trading back above the level of $30,000. The local high was made at the level of $31,190 so far, but bulls are not that keen to continue the bounce anymore. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.
Weekly Pivot Points:
WR3 - $44,348
WR2 - $39,422
WR1 - $35,469
Weekly Pivot - $30,396
WS1 - $26,266
WS2 - $21,367
WS3 - $17,368
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. 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 is seen at the round psychological level of $20,000.
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