Crypto Industry News:
The Economic Crime and Corporate Transparency Bill is expected to receive Royal Assent later today, according to data on the UK Parliamentary Acts website. This means that the bill will pass all parliamentary stages in both houses of parliament.
The regulations adopted in September 2022 aim to increase the authorities' ability to combat the use of cryptocurrencies in crimes. This includes, among others: cybercrime, fraud and drug trafficking.
One of the provisions of the Economic Crimes and Corporate Transparency Act allows for the recovery of cryptographic assets used in crimes without a conviction. The reason is that some people can avoid a conviction by remaining in hiding. The act also aims to combat the use of digital resources "for terrorist purposes" or for related reasons.
The latest cryptocurrency legal changes in the UK are in line with the government's plans to "robustly" regulate cryptocurrencies to combat the illegal use of digital assets. In March, British lawmakers said their aim was to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023.
As the UK government cracks down on cryptocurrency crimes, the country has emerged as a major cryptocurrency economy. According to an October 2023 report by analytics firm Chainalytic, the UK is the largest crypto country by raw transaction volume in Central, Northern and Western Europe.
In February 2023, cryptocurrency tax platform Recap also reported that London was the most crypto-ready city for business in the world, ahead of Dubai and New York.
Technical Market Outlook:
The BTC/USD pair has broken above the last swing high located at $31,790 as the new local high was made at the level of $35,227. Currently, the market is consolidating the recent gains around the level of $30k and is getting ready to spike up again. The intraday technical support is seen at $33,244 and the intraday technical resistance is seen at $34,342. The next target for bulls is seen at the level of $37,142. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart, so the spike up might be the last one before reversal/pull-back.
Weekly Pivot Points:
WR3 - $32,658
WR2 - $31,572
WR1 - $31,127
Weekly Pivot - $30,486
WS1 - $30,041
WS2 - $29,400
WS3 - $28,313
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.
