Home Forex Markets Bitcoin (BTC) stands at 40,000 again, but the upside may be limited

Bitcoin (BTC) stands at 40,000 again, but the upside may be limited

by WOOWinvest
0 comment

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 )

The content on this page is for general market commentary only and may not constitute investment advice of any kind (tax, legal, accounting). This article does not constitute an invitation or recommendation for direct investment in specific financial products. The content is for reference only. Readers should not rely on the information in this document, nor should its actions and omissions be relied upon. We are not responsible for the results of any person’s actions or omissions based on this article. We make no warranties as to the accuracy of the content provided or the adequacy of the information. This article is not intended for distribution within the territory of the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for this purpose), except as permitted by the applicable laws of the People’s Republic of China.

Copyright Notice: Except for the purpose of viewing the information on this website, or as permitted by applicable law or these terms and conditions, no one may copy, use, upload, link, or publicly perform in any way to third parties without our specific written permission , publish or transmit any information or content on this website. We reserve the right to further investigate the legal responsibility of the relevant actors for the infringement of unauthorized reprinting. If you have business cooperation needs such as market promotion and resource exchange, please contact us.

element inside the element. This is probably not what you meant to do! Load your application’s JavaScript bundle inside the element instead.

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy