Crypto Industry News:

US Congressman Bill Foster suggested that courts must be able to reverse certain blockchain transactions using a tool he described as "cryptographic backdoor." The congressman's speech sounded during a virtual conference organized by Axios, which took place yesterday (June 29).

Foster - who co-chairs Congressional Blockchain Caucus - says the judiciary should be empowered to de-anonymize cryptocurrency users and reverse false or erroneous transactions:

"In certain circumstances, you must be able to go to court to expose the fraudulent side of the transaction"

The politician believes that allowing cryptocurrency users to be exposed and transactions reversed could protect the government and US citizens from the effects of further potential ransomware attacks.

Technical Market Outlook:

The BTC/USD pair has hit the level of $35,434, which is the local high from 25th June, broke above it and was capped at 61% Fibonacci retracement located at the level of $36,610. The market is already trading below the level of $35,434 and it might be heading lower. The nearest technical support is seen at $33,602 and the technical resistance is located at $34,834.

Weekly Pivot Points:

WR3 - $42,645

WR2 - $39,211

WR1 - $35,772

Weekly Pivot - $32,390

WS1 - $29,147

WS2 - $25,680

WS3 - $22,298

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).