Crypto Industry News:
The Ministry of Foreign Affairs of Belarus is working on legal amendments to ban peer-to-peer (P2P) transactions in cryptocurrencies such as Bitcoin.
On July 2, the ministry issued an official statement on Telegram regarding new regulations to ban individual P2P cryptocurrency exchanges.
The authorities cited the high level of cybercrime in Belarus, claiming that since January 2023, local prosecutors had suppressed the activities of 27 citizens who provided "illegal cryptocurrency exchange services." Their total illegal income amounted to almost 22 million Belarusian rubles ($8.7 million).
The ministry argued that P2P cryptocurrency services are "in demand by scammers who withdraw and convert stolen funds and transfer money to organizers or participants in criminal schemes."
To eliminate such illegal activity, the ministry will prohibit P2P transaction entities, only allowing them to exchange cryptocurrencies through exchanges registered in the Belarusian Technology Park (HTP).
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,372 as the up trend has resumed and then pulled-back from the extremely overbought market conditions on the H4 time frame chart. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready to continue the up move. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 - $31,091
WR2 - $30,856
WR1 - $30,720
Weekly Pivot - $30,622
WS1 - $30,486
WS2 - $30,388
WS3 - $30,156
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.
