Fundamental Development:- New York governor Kathy Hochul is yet to publicly commit to signing the controversial Proof-of-Work (PoW) crypto mining ban bill, instead noting that her team will be looking “very closely” at the proposal over the next few months.If she signs the bill into law, PoW crypto mining operations backed by fossil fuels would no longer be able to set up shop or renew existing licenses in New York. Under the new regulations, only PoW operations backed by 100% renewable energy would be able to operate.The New York State Senate passed the bill on June 3 to the dismay of members in the crypto community, meaning the fate of the bill is now in the hands of Governor Hochul who has the power to approve or veto the legislation.At this stage, it appears that the Democrat has no intentions of rushing the decision and she may have bigger fish to fry with the upcoming primary election on June 28.During a news conference on Tuesday, Hochul opted not to draw a line in the sand regarding the PoW ban, as she suggested the deliberation process could take a few months:“We’ll be looking at all the bills very, very closely. We have a lot of work to do over the next six months.”
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,500-$31,600 ranges.BTC is made low 29,150 and now consolidating within a range. Yesterday it made high near $31,540 and then it continue to declined to near $29,600 range. Bitcoin is struggling to gain momentum above $31,500.
Alternative Scenario: If Bitcoin fails to clear the $31,500 resistance zone, it could start another decline. An immediate support on the downside is near the $29,300 level.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,500-$31,600 ranges.BTC is made low 29,150 and now consolidating within a range. Yesterday it made high near $31,540 and then it continue to declined to near $29,600 range. Bitcoin is struggling to gain momentum above $31,500.
Alternative Scenario: If Bitcoin fails to clear the $31,500 resistance zone, it could start another decline. An immediate support on the downside is near the $29,300 level.