The 24-hour TF shows that bitcoin has grown slightly over the past couple of weeks. It is "a little" since the previous fall was much stronger. The last upward movement of bitcoin cannot even be considered a correction. So far, it's just a rollback. Nevertheless, at the 4-hour TF, the cryptocurrency has consolidated above the trend line, so there are prerequisites for a new upward trend. On the 24-hour TF, the price has been fixed above the critical line, so now it can continue moving towards the Senkou Span B. That is, bitcoin even has the potential to grow to $ 50,000 now. Unfortunately or fortunately, the rise or fall for bitcoin by 10-15 thousand dollars is no longer something surprising for anyone. In principle, an asset can easily cover such a distance in a few weeks, remaining the most volatile investment instrument. As before, bitcoin is kept afloat due to investors' belief that it will become more expensive all the time. So far, the "waterline" for bitcoin is at $ 31,000 (the lows of the summer of 2021). It is below this level that can "sink" the cryptocurrency for a long time. But above this level, institutional investors are still trying to buy out all drawdowns. The only question is whether they have enough strength to redeem all drawdowns. And won't bitcoin be focused only on the hands of large investors after that?
The States have updated the tax code regarding cryptocurrencies.
Meanwhile, the fundamental background for bitcoin continues to deteriorate. Last year, it became known that the Fed is not going to ban bitcoin and other cryptocurrencies, but at the same time, it is going to seriously tighten its circulation. The states are not China, so any serious bills take a long time. But this week, it became known that the bill, which amends the Tax Code concerning digital assets, will still be adopted. In simple terms and without going into details, now all cryptocurrency transactions over $ 10,000 will "pass" through the Tax Administration. Of course, if we are talking about alternative cryptocurrencies, then this will not be as noticeable as concerning "bitcoin". For bitcoin, the volume of trading operations is very high, so almost all cryptocurrency transactions will pass through the Tax Service. This means that all participants in transactions will have to provide full information about themselves. Recall that bitcoin is often used for money laundering and tax evasion, as it is an anonymous asset. Now, this anonymity is coming to an end. The head of the Securities and Markets Commission, Gary Gensler, said that tough measures will be taken against cryptocurrency companies if they do not want to cooperate and obey the new legislation.
On the 24-hour timeframe, the quotes of the "bitcoin" are fixed below the ascending trend line, so at this time, we have a "bearish" trend. And this means that, for example, a rebound from the Senkou Span B line may provoke a resumption of bitcoin's decline. A rebound from the $ 43,852 level is also possible. Therefore, it is possible to count on growth now, but still, it should be remembered that the fundamental background does not support the "bitcoin".
