Crypto Industry News:

On May 31, 2023, the Swedish Minister for Rural Affairs, Peter Kullgren, and the President of the European Parliament, Roberta Metsola, signed the long-awaited Markets in Crypto-Assets Act. It aims to create a coherent regulatory framework for cryptographic assets in the Member States of the European Union.

Once in force, the provisions of MiCA will apply to anyone who provides services related to crypto assets or issues crypto assets in the EU. Since the MiCA regulations were first drafted in 2020, some entities suggested that a broader framework was necessary in the wake of the 2022 cryptocurrency crash and the failures of companies such as FTX, BlockFi and Celsius.

Currently, EU lawmakers are aiming to restore trust in crypto asset activities and services when the MiCA comes into force in 2024 after a 12-18 month transition period. The bill is expected to bring greater legal certainty to various crypto assets that are currently unregulated or only partially regulated under European Union financial services law. This type of regulatory clarity is intended to benefit both developers, service providers and investors.

Technical Market Outlook:

The BTC/USD pair is down more than 6.5% since the local high was made at the level of $28,446. The bears moved below 61% Fibonacci retracement as well and the local low was made at the level of $26,605. The down move is being backed up by momentum, which is back below the level fifty (negative sentiment prevails). The next target for bears is seen at the swing low located at $25,850.

Weekly Pivot Points:

WR3 - $29,254

WR2 - $28,640

WR1 - $28,255

Weekly Pivot - $28,028

WS1 - $27,645

WS2 - $27,415

WS3 - $26,803

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.