The strong dollar and the overall weak risk appetite are still unfavorable for the price trend of bitcoin (BTC). As bitcoin (BTC) breaks through 40000 again and breaks the new low in one month, the next trend will be further bearish to the volatile low in March (37000-37500).
Bitcoin (BTC) and other cryptocurrency market highlights review:
• due to the hindrance of the Indian government, coinbase has stopped the conversion of Indian rupee and cryptocurrency to its trading application through the Indian mobile support system UPI. In addition, India is also preparing to impose new taxes on all crypto transactions that exceed a certain scale.
• the IRS reportedly plans to tax NFT investors. Data shows that the NFT market has reached US $44billion.
• gray CEO reiterated that it is only a matter of time before the US SEC approves bitcoin (BTC) spot ETF.
• according to an Investopedia survey, about 38% of the millennials in the United States have cryptocurrency, and 28% even said they plan to rely on cryptocurrency to support their retirement.
• the Iranian government will adopt new regulations to increase the penalties for illegal cryptocurrency mining using subsidized electricity.
• it is reported that the Russian Ministry of finance is about to finalize the draft regulations on cryptocurrency, which will be legalized as a means of payment. It is worth noting that the Russian Central Bank and government have previously said that bitcoin (BTC) cannot be regarded as legal tender.
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Technical analysis of bitcoin (BTC) price trend
The daily chart shows that the price trend of bitcoin (BTC) has fallen below the $40000 mark again, or opened the door for further decline,
Support to focus on the volatile low point area in March (37000-37500), and then focus on whether the upward trend line starting in January can end the decline since the high point in March. If the rebound goes up, it is expected that the vicinity of the 40000 mark has been transformed into resistance to limit the rise.