Bitcoin Price Analysis: BTC/USD stays under $10,000, further correction anticipated
|- Bitcoin price stays under $10,000 amid widespread correction in the crypto market.
- A new proposal by a senior Trump Administration official could see Bitcoin exempted from investment tax.
Bitcoin is back under $10,000, following a drab weekend session. Little progress was made to the north, which allowed the sellers time to plan a revenge mission. Several potential support areas were shuttered including $10,400, $10,250 and $10,000.
BTC/USD is trading at $9,825 amid further downside correction from a rising wedge pattern. It is likely that the correction will continue and even last through the European session. For instance, the RSI diving towards the average is a reflection of the fall in price. If the level at 50 fails to hold, BTC/USD could slide under last week’s support at $9,700. Further downside action is looking forward to the support at $9,600, $9,400 and $9,000.
The few bullish pointers, giving hope to the buyers are the moving averages. The 50-day SMA is almost crossing above the 200-day SMA. This largely places the bulls in the drivers set in terms of long to medium-term technical analysis. A return above $10,000 will place Bitcoin price in the trajectory towards $11,000.
BTC/USD daily chart
"Possibility of tax-free investment in the US"
A senior member of United States President Donald Trump has proposed the exclusion of various assets from investment tax. The move could see investments in the stock market and other emerging markets like Bitcoin increased immensely. A general savings account would take care of retirement, healthcare and savings towards education exist under one account. Funds put in this account will remain tax-free and the citizens allowed to invest, however, way they like. Moreover, there will be no tax charged on the profits made from the investments.
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