Crypto Industry News:
According to Digital Assets Council of Financial Professionals (DACFP) founder Ric Edelman, regulators are looking at the cryptocurrency market, including Bitcoin, as a target. Outlining his point of view on the current situation in the industry, Edelman stated that rising regulatory uncertainties create a "difficult, if not dangerous time" to recommend cryptocurrencies to customers.
Financial firms seem frustrated by the threat of regulatory intervention. These concerns are fueled by recent actions by the SEC against cryptocurrency exchanges Coinbase and Binance.
"When the SEC engages in such aggressive regulatory action, you don't want to put yourself in opposition to be the next target," said Ric Edelman.
He added that the number of advisers with crypto assets is much greater than those who suggest such investments to their clients. Reason? Restrictions imposed by companies on financial advisers.
According to a Bitwise Asset Management survey from January this year, 37% of advisors reported having crypto assets in their portfolios. At the same time, only 15% declared that they currently recommend investing in crypto to their clients.
When asked about the impact of the actions against Coinbase and Binance on people's perception of cryptocurrencies, Edelman highlighted the difference between crypto and the crypto industry. He stated that "the crypto asset class operates independently of the actions of the SEC. It's a global asset and people outside the US honestly don't care what the SEC does because it doesn't affect the underlying investment assumptions."
In addition, Edelman predicts an increase in the price of bitcoin, which will certainly increase interest in all cryptoassets. Combined with regulatory clarity, the future of the crypto market may be brighter than it seems today.
Technical Market Outlook:
The BTC/USD pair has made a local high at the level of $26,200 before the bounce was capped and the reversal occurred. The key short them technical resistance is the swing high located at the level of $28,446 and only a sustained breakout above this level would be considered more bullish. Moreover, there is still the trend line resistance located around the level of $26,500 as well. The intraday technical resistance is seen at $25,892 and the intraday technical support is seen at $25,641. Please keep an eye on the key short-term technical support seen at the level of $25,442.
Weekly Pivot Points:
WR3 - $26,597
WR2 - $26,192
WR1 - $25,993
Weekly Pivot - $25,787
WS1 - $25,588
WS2 - $25,383
WS3 - $24,978
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.
