Bitcoin has returned to the $70,000 mark and is currently feeling quite comfortable there. Ethereum has also surpassed $2,000 and is poised to continue its upward trend.

Meanwhile, the U.S. Treasury is taking steps into the digital assets industry by proposing a legislative initiative to Congress to enhance the security and transparency of crypto transactions. The initiative would empower cryptocurrency exchanges to temporarily freeze assets associated with suspicious activity. This change is intended to eliminate the legal vacuum that currently exists.

Cryptocurrency platforms are already actively using advanced blockchain analytics technologies to identify transactions that raise concerns. However, despite their ability to identify potentially illegal operations, they lack a clear legal basis to retain such assets. This means that exchanges often have to rely on a lengthy, often complicated process of obtaining a warrant from law enforcement, which can lead to a loss of funds before a legal resolution is reached.

The new proposal from the Treasury aims to resolve this issue by enabling exchanges to quickly respond to suspicious activity. Temporary asset freezes would allow law enforcement sufficient time to conduct investigations and obtain necessary legal permissions, minimizing risks for affected parties and preventing money laundering and financing of illegal activities.

Whether this is good or bad for the development of the cryptocurrency industry in the U.S. is up to you to decide.

As for the intraday strategy in the cryptocurrency market, I will continue to rely on significant pullbacks in Bitcoin and Ethereum, anticipating the continued development of a long-term bullish market, which has not gone away.

Regarding short-term trading, the strategy and conditions are outlined below.

Bitcoin

Buying Scenario

Scenario No. 1: I plan to buy Bitcoin today when the entry point reaches around $70,400, targeting a move to $71,300. At around $71,300, I plan to exit my buys and sell immediately on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Buying Bitcoin can occur from the lower boundary of $69,800 if there is no market reaction to its breakout in the opposite direction towards the levels of $70,400 and $71,300.

Selling Scenario

Scenario No. 1: I plan to sell Bitcoin today when the entry point reaches around $69,800, targeting a decline to $68,700. At around $68,700, I plan to exit my sales and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario No. 2: Selling Bitcoin can occur from the upper boundary of $70,400 if there is no market reaction to its breakout in the opposite direction towards the levels of $69,800 and $68,700.

Ethereum

Buying Scenario

Scenario No. 1: I plan to buy Ethereum today when the entry point reaches around $2,051, targeting a rise to $2,082. At around $2,082, I plan to exit my buys and sell immediately on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Buying Ethereum can occur from the lower boundary of $2,030 if there is no market reaction to its breakout in the opposite direction towards the levels of $2,051 and $2,082.

Selling Scenario

Scenario No. 1: I plan to sell Ethereum today when the entry point reaches around $2,030, targeting a decline to $1,996. At around $1,996, I plan to exit my sales and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario No. 2: Selling Ethereum can occur from the upper boundary of $2,051 if there is no market reaction to its breakout in the opposite direction towards the levels of $2,030 and $1,996.