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Crypto Industry News:
Christy Goldsmith Romero, one of the five commissioners of the U.S. Commodities and Futures Trading Commission (CFTC), has stated that there is no way to oversee all fraud in the crypto market.
Romero believes that the sheer number of scams that exist in the crypto space makes it difficult for the federal regulator to effectively oversee the industry.
To explain just how big of a problem this was, Commissioner Romero added that crypto cases account for about 20% of the CFTC's total. They included e.g. pending civil cases against the bankrupt cryptocurrency exchange FTX and the cryptocurrency giant Binance.
She revealed that her agency is currently involved in several big cases. Speaking of an alleged "struggle" with another federal regulator, the Securities and Exchange Commission (SEC), Romero clarified that there is no "turf war" between them over the regulation of the crypto industry.
Commissioner Romero attributed the alleged tensions between the CFTC and the SEC to the fact that several products in the crypto industry are new. As such, federal regulators are still trying to find the best way to effectively oversee and regulate them.
Those who assumed the CFTC was "more friendly" than the SEC, the commissioner said her agency was not a "lightweight regulator".
Technical Market Outlook:
The BTC/USD pair has broken out from a narrow range and tested the key short-term technical support seen at $25,834. The intraday technical resistance is seen at the level of $26,361 and only a sustained breakout above this level would change the short-term outlook to more bullish. The momentum on the H4 time frame chart is weak and negative, but it hit the extremely oversold conditions, so a bounce is on the way.
Weekly Pivot Points:
WR3 - $27,485
WR2 - $27,111
WR1 - $26,974
Weekly Pivot - $26,736
WS1 - $26,599
WS2 - $26,321
WS3 - $25,986
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. 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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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