Crypto Industry News:
US Senators Kirsten Gillibrand and Cynthia Lummis are working together on a "broad regulatory framework" on how to regulate the cryptocurrency industry, they explained at the Politico Live event.
"The work we are doing will be a very complex and intensive review of different aspects of the industry. Some will be regulated by the CFTC, some parts will be regulated by the SEC, some will need to be looked at, and we intend to have a regulatory committee to look at these issues first. impressions and make judgments and guidelines, "said Senator Gillibrand.
Senators talk to stakeholders, regulators and industry experts "to ensure that all votes are part of this legislative process," emphasized Gillibrand.
The Wyoming Senator explained that since there are over 18,000 cryptocurrencies in existence today, not all of them are commodities. "So we will continue to use the old Howey test from the 1940s to help determine what is a security and what is a commodity."
She further explained that stablecoins and central bank digital currencies (CBDCs) would also be included in the law "to a lesser extent".
Noting that the trial had been "extremely successful and helpful so far," the New York Senator said:
"I think we will introduce it in the next few weeks and I think maybe we can get a vote by the end of the year."
Technical Market Outlook:
The BTC/USD pair had broken above the supply zone located between the levels of $44,785 - $45,823 and made a new local low at the level of $48,200. The market is trading above the ascending channel, so the rally towards the $50k might even accelerate from here. The strong and positive momentum supports the bullish outlook and the next target for bulls is seen at the level of $49,419 and $50,000.
Weekly Pivot Points:
WR3 - $54,840
WR2 - $50,509
WR1 - $48,758
Weekly Pivot - $44,750
WS1 - $43,057
WS2 - $38,623
WS3 - $36,642
Trading Outlook:
The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The bulls are now approaching the game changing technical supply zone seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend, otherwise the bearish pressure might push down the BTC towards the level of $29,254.
