Bitcoin (BTC) drops to borderline as Bitcoin reaches $ 36,000 low on August 3, 2021
July 31 BTC / USD had to be rejected from a high of $ 42,400 as Bitcoin aims for a low of $ 36,000. This has forced Bitcoin to go down. Bitcoin bulls have not been able to maintain a rising pace above the $ 42,451 resistance. It follows that the royal coin is likely to extend the distance range from $ 30,000 to $ 42,451.
Resistance levels: $ 45,000, $ 46,000, $ 47,000
Support levels: $ 40,000, $ 39,000, $ 38,000
Bitcoin (BTC) has continued to decline after the bulls were unable to continue the upswing. The BTC price will continue to rise only after the $ 40,000-42,451 resistance zones have been cleared. Meanwhile, the price of BTC is likely to fall and extend the downward trend to a low of $ 36,000. However, sales pressure will continue if the $ 36,000 subsidy also cracks. If the price goes up and rises above the $ 36,000 subsidy, it is a sign that a new uptrend has begun. At the same time, the price of BTC is trying to keep above $ 38,000 as the market continues to fluctuate below and above $ 38,000.
Bitcoin miners can be exempted from the proposed encryption taxes
Some U.S. lawmakers want assurances that Bitcoin miners and cryptographic software developers are not subject to the new tax rules. Stricter rules on reporting, changes, cryptographic reporting requirements could provide the government with $ 28 billion in additional funding. The aim is to protect miners from burdensome tax filing obligations as U.S. miners expand their capacity. Senator spokesman Portman said: “This legislative language is not […] forces non-intermediaries, such as software developers and cryptographic miners, to comply with IRS reporting obligations. “
Meanwhile, the BTC / USD price is still above $ 38,000, while Bitcoin is aiming for a low of $ 36,000. Traders have expected the market to drop to its lowest level of $ 66,000. Meanwhile, August 2 downward trend; The retraced candle body tested the 61.8% fibonacci retracement level. Retracement indicates that Bitcoin will decline but turn to the level of 1,618 Fibonacci extension or $ 37,794.40.
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