Crypto Industry News:

The US Securities and Exchange Commission (SEC) has once again officially stated that Bitcoin is not a security. In a letter to Cipher Technologies, Bitcoin Fund SEC rejected the investment company's registration statement, justifying (among other things) that Bitcoin is not a security. According to a letter, Cipher tried to register an "investment company" in accordance with the 1940 Investment Companies Act, suggesting that Bitcoin is a security.

In turn, SEC employees counter-argued the reason for Cipher as part of the Howey test and the Digital Asset Analysis Framework published in April.

"We do not believe that current Bitcoin buyers rely on the necessary managerial and entrepreneurial efforts of others to make a profit. Therefore, since Cipher intends to invest essentially all its assets in Bitcoin under the current structure, it does not meet the definition of an" investment company "in accordance with the Act on investment companies and incorrectly submitted the N-2 form "- we read.

In addition, the SEC also noted that if Bitcoin were security, "it would cause significant other problems." More specifically, the cryptocurrency would be "an unregistered, publicly offered security and, among other things, would potentially make the proposed fund a guarantor of Bitcoins."

Finally, the securities regulator also noted that Cipher did not comply with legal and investor protection standards, respectively. The letter ends with the statement that "SEC employees will not carry out additional verification of Cipher in its current form."

Technical Market Overview:

The BTC/USD pair did not move out of the narrow price range located between the levels of $7,676 - $8,474 and the global investors keep waiting for the breakout. The bottom of the wave (A) at the level of $7,676 is then in the center of attention of bears now and if violated, then the next technical support is located at $7,405. The increasing downside momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $9,064

WR2 - $8,729

WR1 - $8,221

Weekly Pivot - $7,955

WS1 - $7,433

WS2 - $7,138

WS3 - $6,572

Trading recommendations:

Due to the short-term impulsive scenario invalidation, the best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.