Crypto Industry News:
In a warning letter issued on Friday, Japan's Financial Services Agency (FSA) said many foreign cryptocurrency exchanges, including Binance, Bybit, MEXC Global and Bitget, are operating in the country without proper registration. In this way, the national rules of clearing funds of law are violated.
In line with the warning, the FSA found that the exchanges had violated Japanese fund clearing regulations by conducting crypto asset trading business without proper registration. The regulator explained that the current list of unregistered entities may not accurately reflect the current state of affairs.
The FSA action follows a crackdown on unregistered crypto exchanges in the East Asian country. In 2020, the FSA introduced new regulations requiring cryptocurrency exchanges to register with the agency and obtain a license to operate in Japan.
Binance's warning from the FSA means that the cryptocurrency industry in Japan and elsewhere is facing more regulatory scrutiny. Risks associated with unregulated exchanges such as fraud, money laundering and market manipulation increasingly concern regulators
Technical Market Outlook:
The BTC/USD pair has been seen consolidating inside a narrow zone located between the levels of $28,878 - $29,184 (swing high) for the last 10 days and the bulls still do not heave enough momentum to test the psychological level of $30,000. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $27,533 ( 31st March low) and then at $26,620 (28th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $29,056
WR2 - $28,427
WR1 - $28,051
Weekly Pivot - $27,798
WS1 - $27,422
WS2 - $27,169
WS3 - $26,540
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
