Bitcoin (BTC) Price to Range For a Few Weeks Before Hitting A New All Time High
- Bitcoin stuck in a range that is expected to last for two to three weeks
- Legendary skater, Tony Hawk is a Bitcoin HODLer for the last 6 years
- The Internal Revenue Service (IRS), meanwhile, is expected to update its guidance on Bitcoin taxation
We are one week in July and in these 7 days, we dropped to $9,600 and then went up above to $12,200 level. Since going above $12k on June 3rd, we have been staying below this level and are currently trading at $11,237 with 24 hours loss of 1.17 percent.
This lack of any strong movement means, Bitcoin is in consolidation period and as long as it holds support, “it should be fine for continuation.”
However, crypto trader and investor Josh Rager says there’s no need to have a “overly bearish sentiment” just because the price failed to move up to restest local highs.
“The daily and weekly charts look fine. Nice green candles on both, doesn't look bearish to me. Still neutral leaning bullish,” said Rager.
As a matter of fact, Rager says since April, we have been seeing a similar pattern where a strong uptrend followed by a sharp pullback leads to sideways trading in a range for 2 to 3 weeks before continuing upwards yet again.
So, Bitcoin is likely to range here and if Bitcoin continues its uptrend here, Rager says a new ATH afterward.
Meanwhile, analyst Crypto Squeeze says,
“Needs to break 12k, else this is gonna be chop again. If it breaks below $10,700, then this would be invalidated. BULLISH UNTIL OTHERWISE.”
The Internal Revenue Service (IRS) is expected to update its guidance on Bitcoin taxation within the next few weeks.
The IRS currently refers to Bitcoin and other digital assets as “virtual currencies” and considers them to be an asset or property.
In the meantime, the US Congress members fear the country is falling behind other nations in the crypto space. This is prompting them to consider bills to clarify the legality surrounding cryptocurrencies and boost crypto industry’s development.
Tony Hawk, a legendary skater has joined the likes of NFL player Russell Okung and UFC fighter Ben Askren as professional athletes turned crypto supporters.
But Hawk is rather a long time player of this field who has been HODLing since 2013, weathering the crypto winters and summers and still holding strong.
Been riding it for 6 years. Haven’t bailed yet
— Tony Hawk (@tonyhawk) May 29, 2019