FX.co ★ Technical Analysis of BTC/USD for June 13, 2023

Crypto Industry News:

According to the Winklevoss twins, US President Joe Biden and the Democratic Party risk losing key young voters. This is the effect of the "war on cryptocurrencies". Cameron Winklevoss tweeted that the Democrats are discouraging an entire generation of the youngest Americans, which could lead to electoral defeat and the return of the Republicans to power. Cameron specifically criticized Senator Elizabeth Warren and President Biden's nominee for Securities and Exchange Commission chairman Gary Gensler.

And in fact, Gensler's tenure as head of the SEC has led to cryptocurrency companies starting to be sued by the authorities. As a result, they may start to emigrate, for example to Hong Kong. Worse, the Commission does not offer clear regulation to the industry, but wants it to rely on outdated rules for "ordinary" securities - shares of companies that are listed on Wall Street.

The fight against cryptocurrencies is slowly becoming political. This is all the more important because on November 5, 2024, presidential and congressional elections will take place in the USA. All 435 seats in the House of Representatives and 34 of the 100 seats in the Senate are up for grabs by Democrats or Republicans.

Technical Market Outlook:

The BTC/USD pair has made a local high at the level of $26,200 before the bounce was capped and the reversal occurred. 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.Moreover, there is still the trend line resistance located around the level of $26,500 as well. The intraday technical resistance is seen at $25,892 and the intraday technical support is seen at $25,641. Please keep an eye on the key short-term technical support seen at the level of $25,442.

Weekly Pivot Points:

WR3 - $26,597

WR2 - $26,192

WR1 - $25,993

Weekly Pivot - $25,787

WS1 - $25,588

WS2 - $25,383

WS3 - $24,978

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.