Bitcoin records modest gains in choppy session

Eren Sengezer FXStreet

After losing more than $400 on Wednesday, Bitcoin rebounded in the late NA session to close the day virtually unchanged and went into a consolidation phase on Thursday, shaking off the negative impact of concerns over greater oversight from US regulators. At the moment, the BTC/USD pair is trading at $5645, up 1.2%, or $70, on the day.

There were no catalysts on the day that could impact the price action and a broad-based selling pressure seen on the greenback seems to help the pair record small gains in the day. The US Dollar Index, which advanced to a weekly high at 93.66 yesterday, reversed course and eased below the 93 handle today.

On a positive development for Bitcoin, the Australian government announced that it would no longer tax cryptocurrency purchases.Reporting on the issue, "following the passing of new legislation in the country's parliament today, the long controversial "double taxation" of cryptocurrencies – first when buying it, then later when buying items subject to the tax – is finally coming to an end," Daniel Palmer, an author at Coindesk.com, wrote.

Technical outlook

The immediate resistance for the pair could be seen at $5600 (Oct. 18 high) ahead of $5850 (record high) and $6000 (psychological level). On the downside, supports align at $5100 (daily Oct. 18 low), $5000 (psychological level) and $4815 (Oct. 12 low).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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