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The regulatory tension being hurled at Bitcoin has neither faded away, nor has it reduced in the past couple of years. These harsh regulatory stances have been more obvious in China and in the US. The latter nation is on the verge of passing a $1 trillion infrastructure bill with amendments that may help the crypto industry being threatened not to be considered.
The crypto community in the US has spoken against these proposed regulations, which will see both those with the capacity and those without it to report crypto transactions to the IRS for taxation. While in unison, the support for the growth of crypto has been commended, and the entire scenario is not deterring the majority of retail investors from investing in Bitcoin.
This buy up perhaps has a bearing on the price of Bitcoin which is up 3.07% to $45,978.7 at the time of writing. This price jump is also being fuelled by the approval of a new Brazilian Exchange Traded Fund (ETF) from Hashdex Asset Management dubbed BITH11. Events like this are helping to keep the market from falling apart, and hence, helping to bolster investor confidence.
Potentials to breach $50,000 resistance
Per the BTC/USD 4h chart on TradingView, the current price of Bitcoin is above its 50, 100 and 200 Moving Averages, suggesting the coin is outperforming the trends over these past days.
The MACD line and the signal line are both at par, and should the MACD line push beyond the signal line by increased buy ups, we may see a boosted inflow of funds into Bitcoin that can drive a new price run toward $50,000 resistance level. This projection is for the medium term range and unprecedented retracements may be seen in the short term with the strongest support at $38,000.
The post Bitcoin price analysis: brawling regulation and BTC’s resilience response appeared first on Invezz.
