Bitcoin's further rise yesterday saw the leading cryptocurrency first recover levels above 45k and then later in the session climbed above 46k, reaching 46,454 before the broader US close. Price action in Asia earlier today provided a brief move back below 45k before another rebound. This rebound saw the price rise to 46,700. This movement has almost reached an important technical level. This level stands at 46.847 and defines the 50% retracement of the entire downward move, from 64.869 to the low at 28.824. So it's probably not a surprise to see sellers come back ahead of this target level. The price dropped back to 45,420 a short while ago. Whether another attempt at this key level will be seen later in the day remains to be seen. Bitcoin is now trading at 45,430.
Last week was pretty good for cryptocurrencies as most of them saw their prices rise. As is usually the case, altcoins have seen more growth.
Markets have reacted positively to the US infrastructure spending bill that Congress will soon adopt after senators removed tax taxes for PoW miners. An amendment has also been proposed to exclude PoS validators from the list of tax payers.
- The Ministry of Digital Transformation of Ukraine has announced the imminent legalization of cryptocurrency payments. The adoption of the "On Virtual Assets" law will allow cryptocurrency holders to protect their savings in digital assets, trade them legally and declare them for tax purposes. As Ukrainian citizens are among the most active cryptocurrency users in the world, this news brings optimism to the entire crypto community.
I am attaching the levels for the daytrading of BNB BTC and ETH.
Chart from tradingview.com
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