Crypto Industry News:
The US Securities and Exchange Commission (SEC) announced yesterday that it is suing Binance. The lawsuit lists cryptocurrencies that the authority considers to be securities.
Let's start with the fact that the SEC is suing Binance, its American branch and the CEO himself. There are as many as 13 allegations regarding, among others, illegal activity in the United States. However, the lawsuit also lists cryptocurrencies that officials consider securities. These are: BNB, binance USD, solana, cardano, polygon, cosmos, the sandbox, decentraland, axie infinity, COTI. It is worth noting that the SEC also recognizes XRP, LBRY's LBRY Credits and algorand tokens as securities.
Earlier, in February this year, when the SEC accused Terraform Labs of fraud, the documents listed 16 cryptocurrencies and tokens that were recognized by the Commission as securities (including terra luna classic, terra classic USD, mirror protocol).
Recall that the chairman of the SEC, Gary Gensler, has publicly stated that all cryptocurrencies (except BTC) are securities. This would mean that virtually the entire cryptocurrency market is subject to its Commission.
However, many experts disagree with his opinion. The SEC itself published a message that his public statements are not law. Lawyers think so too. In addition, Gensler himself did not want to confirm his thesis with such firmness during the hearing in Congress.
Technical Market Outlook:
The BTC/USD pair has reversed sharply from the level of $27,452 and is currently trading below the technical support and the swing down seen at the level of $25,850. The down move is being backed up by momentum, which is trying to bounce from the extremely oversold levels on the H4 time frame chart. The intraday technical support is seen at $25,540 and the intraday technical resistance is seen at $27,555.
Weekly Pivot Points:
WR3 - $28,056
WR2 - $27,490
WR1 - $27,126
Weekly Pivot - $26,917
WS1 - $26,553
WS2 - $26,343
WS3 - $25,770
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.
