Crypto Industry News:

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), reiterated his warnings against the crypto industry during the Better Markets conference. He believes that failure to comply with the regulations could impact not only investors but also the broader financial system.

Gensler noted that the number of people injured in the crypto industry reaches millions of people. He also expressed concern that problems in the sector have the potential to impact the broader financial system because they could undermine investor confidence, which is ultimately the most valuable currency.

The SEC chairman said that while the overall crypto economy is "pretty small" compared to the "over a trillion dollar capital market," it could actually create a trust deficit. He pointed to direct links between some of the regional banks that have failed so far and the crypto sector.

Gensler also criticized celebrity support for cryptocurrencies and attempts to exploit differences in regulations and laws in different jurisdictions. However, he added that no new regulations or laws are needed.

"We have the recipes." - Gensler emphasized. "These are laws that Congress has passed, whether it's anti-money laundering and sanctions, whether it's the securities laws, whether it's the Commodity Exchange Act. We have the laws that Congress passed and that is enough." - he said.

Ultimately cautioning the crypto industry (and beyond), Gensler expressed concerns that failure to comply with applicable regulations could have broader implications for the economy.

Technical Market Outlook:

The BTC/USD pair has bounced from a new swing low at the level of $25k towards the technical resistance located at the level of $26,512. Nevertheless, the bearish pressure is strong as the momentum has hit the extremely overbought levels on the H4 time frame chart. The short-term outlook for BTC remains bearish as the market keeps making lower lows and lower highs in the H4 time frame chart. The intraday technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,512.

Weekly Pivot Points:

WR3 - $26,241

WR2 - $26,002

WR1 - $25,911

Weekly Pivot - $25,765

WS1 - $25,672

WS2 - $25,525

WS3 - $25,268

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.