Crypto Industry News:

When the first U.S. futures-based ETF debuted on the NYSE, the chairman of the U.S. Securities and Exchange Commission explained why the regulator allows Bitcoin futures ETFs but not Bitcoin spot ETFs.

In a TV interview, SEC chairman Gary Gensler reiterated that his agency "should be technology neutral but not politically neutral," adding:

"What we are trying to do is bring the projects into the area of investor protection. Bitcoin futures were overseen by our sister agency, the Commodity Futures Trading Commission [CFTC]."

Answering the question why the SEC approved Bitcoin futures ETFs but not Bitcoin spot ETFs, Gensler noted that he would not comment on any particular application or project, explaining:

"You have a product here that has been overseen by the US federal regulator, CFTC for four years, and is wrapped in something that falls under our jurisdiction called the Investment Company Act of 1940."

He stressed that Bitcoin is "still a highly speculative asset class, and the community should understand that there is the same aspect of volatility and speculation underneath it."

ETF Proshares Bitcoin Strategy, ticker "BITO", started trading on Tuesday on the New York Stock Exchange (NYSE). "The fund seeks to provide capital growth primarily through managed exposure to BTC futures."

Technical Market Outlook:

The BTC/USD pair has made a new ATH located at the level of $66,974 before the pull-back towards $64,050. The immediate technical support is seen at the level of $62,888, but the corrective cycle might extend even towards the key short-term technical support located at $53,331 if the corrective wave of higher degree starts. Please keep an eye on this level as any violation of this level will be negative for bulls. However, so far, the up trend is intact and the target level for the current up wave is located around $74,000.

Weekly Pivot Points:

WR3 - $72,401

WR2 - $67,700

WR1 - $63,611

Weekly Pivot - $58,705

WS1 - $54,810

WS2 - $49,233

WS3 - $45,621

Trading Outlook:

According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $64,920 (the previous AT level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).