Crypto Industry News:
In the political salons of Great Britain, an initiative is born that can radically change the perspective on cryptocurrency trading. In a surprising move, regardless of the government's stance, a group of MPs proposed that cryptocurrencies like Bitcoin be classified as gambling.
Parliamentarians point out that the extreme volatility of cryptocurrencies exposes investors to significant financial risk. This, in their opinion, makes this activity very similar to sports betting or casino games.
The committee also expressed concerns that by classifying crypto as a financial service, the UK government could create a false sense of security. In their opinion, they may believe that crypto trading is a safe form of investment.
The UK gambling industry is well regulated. It covers various forms of betting, including online platforms and physical establishments such as casinos, bingo halls and bookmakers. The Gambling Commission oversees the regulation of these activities under the Gambling Act 2005.
Regardless of the concerns, MPs recognized the potential benefits that decentralized technology could bring to the financial services industry. Especially in cross-border transactions and payments. Their criticism did not apply to digital currencies issued by central banks.
Technical Market Outlook:
The BTC/USD pair has retraced 61% of the last wave up and is heading higher towards the last local high located at $27,667. Any violation of the level of $26,551 would indicate more bearish pressure with a target seen at the level of $26,600 and $25,834 (swing low). The intraday technical resistance is located at $27,453 (50 MA) and $27,670.
The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. Only a sustained breakout above this level might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued. The recent 7% bounce from the lows is not enough to trigger the trend reversal.
Weekly Pivot Points:
WR3 - $28,631
WR2 - $27,903
WR1 - $27,652
Weekly Pivot - $27,176
WS1 - $26,924
WS2 - $26,445
WS3 - $25,721
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.
