FX.co ★ Technical Analysis of BTC/USD for June 7, 2023

Crypto Industry News:

Brian Armstrong, head of Coinbase, and the U.S. Securities and Exchange Commission (SEC) are preparing for a showdown. This could affect the future of the cryptocurrency industry. Armstrong has strongly expressed his dissatisfaction with the SEC's approach, which appears to be clearly targeting the broader crypto industry.

Armstrong mercilessly criticized the SEC via Twitter. He alleged that instead of striving to understand companies in the cryptocurrency industry, more massive logs are still thrown at their feet. He argues that the SEC - as a state regulator - should instruct similar companies. Guide how to operate in accordance with the regulations, instead of fighting them in court.

The CEO of Coinbase has made it clear that he is proud to represent the industry in court in the search for clarity of rules for the crypto space.

This seems especially important in light of the fact that the regulator carefully looked at Coinbase's activities before agreeing to its listing on the stock exchange. It seems that Armstrong and his team are determined to lead the fight for the future of the cryptocurrency industry.

In response to the SEC chairman's call, Armstrong explained that there is no pathway in the current system that would allow it to function legally. He also pointed to conflicting statements issued by the SEC and the Futures Trading Commission on the differences between a security and a commodity.

Technical Market Outlook:

The BTC/USD pair has made a V-shape reversal from the lows seen at the level of $25,442 and is currently trading above 50 and 100 MA around the level of $27,000. The next target for bulls is seen at the level of $27,452 and $27,570. The key short them technical resistance is the swing high located at the level of $28,446 and only a sustained breakout above this level would be considered more bullish. The intraday technical support is seen at $25,892. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $28,056

WR2 - $27,490

WR1 - $27,126

Weekly Pivot - $26,917

WS1 - $26,553

WS2 - $26,343

WS3 - $25,770

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.