Crypto Industry News:
The United States is making strides in cryptocurrency regulation and is home to the largest number of Bitcoin and Ethereum nodes in the world.
It's fair to say that the United States is one of the most cryptocurrency-friendly countries in the world. It ranks first in the number of Bitcoin and Ethereum nodes, and regulators have taken a particular interest in this topic. In September, the administration of President Joe Biden released a series of federal reports on how to regulate cryptocurrencies in the coming year.
As part of these reports, the Office of Science and Technology indicated that the government is "responsible" for "protecting" communities from the negative effects of pollution and climate change caused by cryptocurrencies.
President Biden's Inflation Reduction Act is the largest ever American investment in reducing greenhouse gas emissions, clean energy and resilience to climate change. It is spending about $ 370 billion in incentives, such as green energy tax breaks, to spur the development of large-scale clean energy technology and further electrify the digitization of the United States.
According to one report, the use of blockchain technology in power micro-grids has the potential to promote "techno-socio-economic innovations for the restructuring of a sustainable energy supply chain", enabling the coordination of distributed energy resources.
Technical Market Outlook:
After the trend line breakout, the BTC/USD pair had been seen consolidating around the technical support located at the level of $18,860. The supply zone (marked as a red rectangle) is very inportant for bulls from a technical point of view, because only a sustained breakout above the levels of $20,221 - $20,580 would change the outlook to more bullish, so please keep an eye on this zone for a possible breakout towards the next target seen at $22,410. The market conditions on the H4 time frame are weak and negative, so a local pull-back towards the short-term trend line support (marked in blue) might happen soon. The nearest technical support is seen at $18,944 and $18,856. The swing low is seen at the level of $18,150.
Weekly Pivot Points:
WR3 - $19,705
WR2 - $19,556
WR1 - $19,482
Weekly Pivot - $19,332
WS1 - $19,257
WS2 - $19,132
WS3 - $19,009
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.
