Crypto Industry News:

A three-judge panel of the U.S. Court of Appeals for the Second Circuit allegedly weighed arguments presented by lawyers representing former FTX CEO Sam Bankman-Fried (SBF) as they considered his possible release from prison ahead of his October trial.

The SBF defense team and the United States Attorney's Office were each given approximately five minutes to present their arguments before the panel of judges on September 19. One judge reportedly said the First Amendment argument presented by SBF's legal team "no longer holds water" in light of allegations of attempted intimidation of witnesses, including Caroline Ellison, former CEO of Alameda Research.

Lawyers representing Bankman-Fried pushed for his release because of his need for internet access to prepare for trial, and also argued that the U.S. District Court "erred" in rejecting First Amendment arguments for release. Bankman-Fried previously pleaded guilty to sharing Ellison's private journals with a New York Times reporter, resulting in their contents being published.

Assistant United States Attorney Danielle Sassoon reportedly confirmed that "there were some internet issues" during SBF's detention at the Metropolitan Detention Center in Brooklyn, but suggested he had enough time to prepare his defense.

The October trial will be the first of two trials for the former FTX CEO. The first trial will concern seven counts of fraud related to the management of user funds on the FTX and Alameda cryptocurrency exchanges. The second trial, expected in March 2024, will involve five additional criminal charges.

Technical Market Outlook:

The BTC/USD pair has made a new local high at the level of $27,464 and then reversed lower after the extremely oversold market conditions were hit on the H4 time frame chart. The bulls had bounced from the technical support located at the level of $26,691 and are ready to move even higher. The market still trades above the short-term trend line support as well. The momentum is strong and positive on the H4 time frame chart, so the bulls are temporary in charge of the market. The technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $27,464.

Weekly Pivot Points:

WR3 - $27,226

WR2 - $26,918

WR1 - $26,783

Weekly Pivot - $26,570

WS1 - $26,435

WS2 - $26,222

WS3 - $25,875

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.