After a week, the trend of Bitcoin (BTC) fluctuated slightly, and the short-term rise broke through the resistance of the 4 mark, but the upward space may be limited as last week, unless the trend can break through the upper boundary of the triangle formation.
Cryptocurrency market news such as Bitcoin (BTC):
The Australian Taxation Office (ATO) will step up scrutiny of cryptocurrencies to ensure users are reporting gains accurately and to determine if it is being used for investment or business purposes.
The U.S. state of New Hampshire recently passed a bill in favor of digital assets such as Bitcoin (BTC), making it the first state in the nation to adopt such financial reforms.
According to Ukraine’s Ministry of Digital Transformation, President Volodymyr Zelensky signed a law to legalize the crypto industry. Under the law, foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will open accounts for crypto companies.
Japanese Prime Minister Fumio Kishida said that financial sanctions against Russia will be strengthened, such as taking measures to prevent Russia from using digital currencies to avoid sanctions.
Meta is reportedly working on plans to allow members of both Facebook and Instagram to display NFTs in their profiles.
A crackdown on illegal cryptocurrency mining operations in Kazakhstan has forced another 106 mines to cease operations. The statement showed that 55 mines closed voluntarily and 51 were forced to close following investigations by the state financial watchdog and other state agencies.
Bitcoin (BTC) trend technical analysis
The daily chart shows that Bitcoin (BTC) has effectively broken through the key resistance level of 40,000, and there may be further room for growth in the short term. Upward resistance is concerned with levels such as 42,500 and 44,000. However, unless the price can break above the triangle consolidation, or the upside may be limited by the above resistance.
If Bitcoin (BTC) falls back below 40,000 in the short term, it may point to 37,500 and 35,500 below the triangle. (Follow the author on Twitter @Legen_DailyFX )
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