Crypto Industry News:
During a recent Baoao forum, Xuan Changneng appealed to regulators to analyze the risks associated with cryptocurrencies. He pointed out, among others to the risk of bank collapse, which may be the result of introducing innovations in regulations. As an example, he cited the recent bankruptcies of American banks that provided services to clients in the blockchain industry. In his opinion, "regulatory philosophy, technology and capabilities must be improved so that financial innovation does not come at the expense of financial stability.
He added that "Cryptocurrency risks and fraud, including two U.S. banks that ran into trouble after providing services to cryptocurrency companies from deposit-taking to settlement, have shown that regulators should follow certain rules when innovating. in regulations".
While the Chinese central bank official didn't mention specific banks, he was referring to Signature Bank and Silvergate Bank, US banks that recently failed. Signature Bank was taken over by the New York State Department of Financial Services, while Silvergate Bank went into voluntary liquidation.
While stating that there must be enough room for innovation in the economy, Changneng stressed that regulators must nevertheless "verify and test new technologies applicable to various financial models and products, not just accept or approve them."
At the same forum, China's Vice Minister of Finance and Deputy Director of the Bureau of the Central Commission for Financial and Economic Affairs, Liao Min, stressed the importance of the Chinese government's active participation in international cooperation and coordination of regulatory standards. He said China needed to get "deeply" involved in these types of issues.
Technical Market Outlook:
Not much has changed on the BTC/USD market as the pair has been seen consolidating inside a narrow zone located between the levels of $28,878 - $29,184 (swing high) for the last 19 days and the bulls still do not heave enough momentum to test the psychological level of $30,000. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $27,533 ( 31st March low) and then at $26,620 (28th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $29,056
WR2 - $28,427
WR1 - $28,051
Weekly Pivot - $27,798
WS1 - $27,422
WS2 - $27,169
WS3 - $26,540
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.