Crypto Industry News:
A statement by a leading Indian official suggests that regulatory uncertainty about the status of digital assets in the country will continue in the near term.
Responding to the general discussion on the Union's budget for 2022-23 in Rajya Sabha, the upper chamber of India's bicameral parliament, Finance Minister Nirmala Sitharaman stated that she did not intend to "legalize or ban" cryptocurrencies at this time. The minister added that "The ban will or will not come later", when the ministry will analyze the data from the consultations.
Sitharaman also mentioned that the state has a "sovereign right to tax" income that citizens derive from cryptocurrency transactions. Moreover, the ability of a government to levy taxes on cryptocurrencies is separate from the issue of legal asset class recognition. The argument mirrors the head of the Indian tax office earlier this week, who argued that the digital asset taxation plan did not necessarily mean that trade was legalized.
India has recently become a hotbed of important regulatory news, with recent rumors of a potential ban that created confusion in the global cryptocurrency space in late 2021. At this point, the immediate threat appears to have passed and a bill containing a proposed ban has been omitted on the parliamentary agenda for the current session. While continuing to consider crypto asset options, the Government of India made steps towards introducing the central bank's digital currency, or CBDC, later in 2022 or 2023.
Technical Market Outlook
The BTC/USD pair has made another up wave above the level of $43,483, where the intraday technical resistance is seen. The next target for bulls is seen at the level of $46,673 (38% Fibonacci retracement level on the daily time frame chart).The nearest technical support is seen at $41,101 and $40,635. The bulls are in control of the market on the higher time frames as the momentum is strong and positive on the daily time frame chart as well, so the market is bouncing from the extremely oversold conditions.
Weekly Pivot Points:
WR3 - $48,470
WR2 - $47,163
WR1 - $44,156
Weekly Pivot - $42,937
WS1 - $40,001
WS2 - $38,380
WS3 - $35,654
Trading Outlook:
The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.