Crypto Industry News:
The Russian State Duma - the lower house of parliament - has passed a law that is the next step in the issuance of the digital ruble.
The State Duma passed a law on CBDC and "implementation of cashless payments using this form of national currency." However, the legislation, if officially adopted (it needs to be voted through in the upper chamber and signed by the president), however, prevents consumers from opening CBDC-based deposits. The digital currency is supposed to be only a means of payment. "In the event of the bankruptcy of the debtor, digital rubles will be part of the bankruptcy estate," the lower house of parliament assured.
The central bank is to supervise the CBDC. It is to control the entire process of issuing and using the new ruble. The institution will also be responsible for the security of this financial product and the correct accounting of transactions.
The bill will now go to the upper house of the Russian parliament, the Federation Council. The final step is to obtain the signature of President Vladimir Putin.
Technical Market Outlook:
The BTC/USD pair has briefly made a new swing high and yearly high at the level of $31,740 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 $31,017 and the intraday technical resistance is seen at $31,543. 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 next target for bulls is still seen at the level of $32,350, but they need to wait for a fundamental event that would trigger more volatility. Until then, the whipsaw trading conditions are expected.
Weekly Pivot Points:
WR3 - $30,664
WR2 - $30,370
WR1 - $30,236
Weekly Pivot - $30,076
WS1 - $29,943
WS2 - $29,788
WS3 - $29,490
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.
