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

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP