Bitcoin price analysis: BTC/USD resumes recovery journey breaching $8,800, residents of Florida to use BTC to pay taxes on BitPay
- BTC/USD is up $4.53% on the day, while the immediate support is at $8,750.
- BTC and BCH to be used to pay taxes in the state of Florida, supported by BitPay.
Bitcoin price is trading another bullish flag pattern on Tuesday after a brief upside breakout from $8,700 to $8,800. BTC/USD has, however, faced selling pressure at $ close to $8,815 leading to an ongoing downside correction where the price is trading below $8,800 at the time of writing. The price is up 4.53% on the day but it is immediately supported at $8,750.
In other news, Bitcoin core (BTC) and Bitcoin Cash have been approved to be used to pay taxes in Florida. The payments will be processed by the popular BitPay payment platform. The payments will include those for driver licenses, ID cards, and property taxes. The Seminole County Tax Collector, Joel M. Greenberg said:
“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service and we should expect the same from our government.”
Bitcoin price is currently trading at $8,790, although a trend reversal is in progress as the sellers seek equilibrium after the upside breakout. The RSI has dropped from 67 and is now at 55. On the contrary, the gap between the 50 SMA and the 100 SMA is narrowing which could signal the buyers to find an entry. The immediate support is at $8,750, below this, BTC/USD could be on free fall to $8,700.
BTC/USD 1-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
