Crypto Industry News:
Even though the political campaign financing charges were dropped in July, prosecutors are allowed to present evidence of Sam Bankman-Fried's political donations. All as part of his upcoming fraud trial.
Sam Bankman-Fried and political contributions
Prosecutors from the United States Department of Justice will be able to reveal details about Sam Bankman-Fried's political donations. The point is that the evidence related to them is directly relevant to his fraud allegations, U.S. District Judge Lewis Kaplan ruled.
The decision is part of a series of rulings Kaplan issued in a 16-page pretrial order dated Sept. 26, in which he clarified what evidence would be admissible in the Bankman-Fried lawsuit. The latter will start on October 3
Federal prosecutors initially charged Bankman-Fried with conspiring to violate U.S. political campaign finance laws. Then they dropped the charges. However, they now point out that "the evidence that the defendant spent FTX client funds on political contributions is direct evidence" that he intended to commit fraud and misappropriate funds from his exchange's clientele. All of this "is relevant to determining the defendant's motives and allegedly fraudulent intentions."
The trial regarding the collapse of the FTX exchange will begin in just a few days - on October 3. The former CEO faces over 100 years in prison.
Technical Market Outlook:
The BTC/USD pair trades still below the technical resistance seen at the level of $26,446 and below the short-term trend line resistance as well (orange line on the chart). The local low was made at the level of $26,000, but the hit the extremely oversold market conditions on the H4 time frame chart, so a pull-back is now in progress. The key technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,446.
Weekly Pivot Points:
WR3 - $27,094
WR2 - $26,626
WR1 - $26,344
Weekly Pivot - $26,153
WS1 - $25,874
WS2 - $25,682
WS3 - $25,212
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.
