Traders Are Unsure of the Market’s Direction as BTC Stabilizes above $16K – December 3, 2022
BTC/USD trades below the $17,297 high as BTC stabilizes above $16K. Bitcoin has been bouncing below the $17,000 barrier level for the last four days. The presence of Doji candlesticks shows that both buyers and sellers are unsure of the market’s direction.
Bitcoin Price Statistics Data:
•Bitcoin price now – $16,987.30
•Bitcoin market cap – $326,666,393,419
•Bitcoin circulating supply – 19,223,643.00 BTC
•Bitcoin total supply – $356,015,784,872
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000
Following the price surge on November 30, BTC has been ranging above the $16,000 support but below the $17,000 barrier. The biggest cryptocurrency is retesting the resistance area to cross over. The price of bitcoin declined on November 10 after reaching a high of $18,150. BTC’s price hit a low of $15,487 before starting to rise again. The resistance level has not been broken by the BTC price today. For a potential bounce, the cryptocurrency is settling above the $16,000 support. On the upside, Bitcoin will climb above the 50-day SMA if buyers manage to go through the barrier at $17,297. Once the bullish momentum is sustained above the 50-day line SMA, Bitcoin will surge to $20,000 in value.
In Italy, Cryptocurrency Profits Will Be Subject to a 26% Tax
The 26% capital gains tax will be applied to cryptocurrency trading profits of over €2,000 ($2,062) in each transaction. According to budget documents made public on December 1, Italy intends to impose stricter rules on digital currencies in 2023 by extending its tax laws to cover cryptocurrency trading. According to Bloomberg, the government has plans to impose a 26% tax on cryptocurrency trading earnings over 2,000 euros ($2,062) on each transaction. As “foreign currency,” digital currencies have historically been subject to lower tax rates. Taxpayers will have the choice to declare the value of their digital asset holdings as of January 1 and pay a 14% tax if the proposed law is passed. Italians are encouraged to report their digital assets on their tax filings by doing this.
Meanwhile, the BTC price has remained unchanged due to the presence of Doji candlesticks as BTC stabilizes above $16K. After the most recent surge, the cryptocurrency has continued to trade above the $16,000 support. As Bitcoin continues to consolidate, a price bounce or breakout is expected to occur.
Nevertheless, Bitcoin is unable to move past the $17,000 resistance level since both buyers and sellers are unsure of the market’s course. Here comes the coin-like Dash 2 Trade (D2T) token. It is now easy for all traders and investors to stay in the loop with all the events affecting cryptocurrencies; thanks to our groundbreaking Dash 2 Trade platform. You will not miss any important events on the cryptocurrency market, because the platform helps you stay on top of your trading game. The D2T presale dashboard is launching soon as the product dev is ahead of schedule. In the ongoing presale, almost $8.5 million has been raised.
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