Bitcoin price trend amid growing regulations
The regulatory tensions directed against Bitcoin have neither eased nor diminished in recent years. In China and the US, these tough regulatory measures have become more apparent. The latter nation is about to adopt a 1 bio. $ Infrastructure Act, ignoring changes that could help the crypto industry.
The US crypto community has spoken out against these proposed regulations, which will force both those with the ability and those without it to report crypto transactions to the IRS for taxation. While support for the growth of cryptocurrencies was unanimously recognized, the entire scenario does not deter the majority of retail investors from investing in Bitcoin.
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This buy-up may have had an impact on the price of Bitcoin, which at the time of writing is up 3.07% to $ 45,978.7. This price jump is also supported by the approval of a new Brazilian Exchange Traded Fund (ETF) from Hashdex Asset Management called BITH11. Events like this help keep the market from collapsing and thus increase investor confidence.
Potential to exceed $ 50,000 resistance
As per the 4-hour chart of BTC / USD on TradingView, the current Bitcoin price is above its 50, 100 and 200 moving averages, suggesting that the coin has outperformed trends in the past few days.
The MACD and Signal lines are both tied, and should the MACD line go above the Signal line due to increased purchases, there could be an increased inflow of funds into Bitcoin, causing a new price increase towards the resistance level of 50,000 $ can trigger. This forecast is for the medium term and there could be unprecedented declines in the short term, with the strongest support at $ 38,000.
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