Crypto Industry News:
US Senators Mark Warner and Kyrsten Sinema, both Virginia and Arizona Democrats respectively, presented a new amendment to the Infrastructure Act that would reduce the cryptocurrency tax reporting burden for miners and wallet providers.
According to Perianne Boring, senators support the amendment that would exclude cryptocurrency miners and hardware and software vendors from being subject to the new tax reporting regulations. The amendment would extend an earlier update proposed by the same lawmakers with Ohio's Republican Rob Portman.
The current version of the law considers these entities to be "brokers" who facilitate the transfer of cryptocurrencies between users. If these entities were indeed classified as brokers, they would have to monitor and track user transactions, even though they are not actual customers. Opponents of the proposed law argue that it would be nearly impossible for miners and protocol makers to fulfill these obligations.
The cryptocurrency community, with few exceptions, has come together to form a unified front against the proposed infrastructure law. Many influencers encouraged their followers to contact representatives of state and local authorities to express their objections. According to them, the new tax reporting requirements are unfeasible for cryptocurrency miners, wallet providers and protocol makers, meaning their implementation would stifle innovation in the industry.
Technical Market Outlook:
The BTC/USD pair has made a new higher high at the level of $45,083 after the successful breakout above the supply zone located between the levels of $41,794 - $43,159. Now both of this levels will act as a technical support for bulls. The next target for bulls is seen at the level of $45,710 and $46,371. The immediate technical support is seen at the level of $43,158, the key short-term technical support is located at $41,374. The strong and positive momentum supports the short-term bullish outlook for BTC.
Weekly Pivot Points:
WR3 - $55,418
WR2 - $50,074
WR1 - $47,529
Weekly Pivot - $42,313
WS1 - $39,834
WS2 - $34,360
WS3 - $31,560
Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $47,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
