Crypto Industry News:
US presidential candidate Ron DeSantis has once again criticized central bank digital currencies (CBDC). He is opposed to the issuance of a digital dollar.
Speaking at the Family Leadership Summit, he promised to ban CBDC in the US.
"If I become president, on day one we will abolish the central bank's digital currency," he said at an event held in Iowa. Six other Republican candidates took part in it.
DeSantis is known for, among others, for his dislike of CBDC. In May, as Governor of Florida, he signed a bill that prohibits federal CBDCs from being used as money. Added to this was the ban on the use of foreign CBDCs. In his opinion, the adoption of such solutions will lead to "a massive transfer of power from consumers to a central authority."
Why is DeSantis so concerned about CBDC? A central bank digital currency is not much different from a traditional currency issued by a central bank. It can be defined as a digital version of a fiat currency. However, some are afraid that CBDCs will be built on citizen surveillance systems that will track what and where we buy.
At the same time, other people see CBDC as a tool for e.g. to increase blockchain adoption. However, this is not entirely true, because the digital currencies of countries will not necessarily be based on a blockchain.
Today, authorities in more than 100 countries are studying the above topic. In turn, as many as 39 countries are already running a CBDC pilot, verifying various concepts and analyzing which digital currency model to choose.
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 - $30,637
WR2 - $30,432
WR1 - $30,347
Weekly Pivot - $30,227
WS1 - $30,141
WS2 - $30,021
WS3 - $29,816
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.
