Tom Emmer, House Majority Whip, has announced his candidacy for Speaker of the House, citing a conservative agenda to secure the border, stop reckless spending, and hold Joe Biden accountable. Emmer has also been a vocal supporter of the Crypto industry, recently backing the CBDC Anti-Surveillance State Act, which requires Congressional authorization for the issuance of CBDCs.
Optimism is high in the Crypto market, despite headwinds from the Nasdaq Composite Index and US Treasury yields. This is due to bets on the approval of BTC-spot ETFs and an influx of institutional money. However, the US Administration has responded to the Hamas attack on Israel by issuing sanctions on Hamas operatives and financial facilitators, and by sharing an action plan to tackle the illicit financing risks of digital assets.
Bitcoin has remained above the 50-day and 200-day EMAs, signaling bullish price signals. A break out from the $30,107 resistance level would target the $31,143 resistance level, however, a drop to $29,500 would bring the $29,193 support level into play. Currently, the 14-Daily RSI reading of 73.01 places BTC in overbought territory.
