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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin is trading at $67,450, sustaining momentum above the crucial pivot of $66,890. Investors are closely watching as Bitcoin approaches the next resistance at $69,000, with support at $66,110 providing a key safety net in the event of a pullback.
This movement aligns with broader trends, including Italy’s proposed Bitcoin tax and the entry of new cryptocurrency ETFs into the market.
Italy Plans 42% Bitcoin Tax as EU Prepares MiCA Crypto Regulations
Italy is set to raise its Bitcoin capital gains tax from 26% to 42%, aiming to fund election promises and reduce its budget deficit. Deputy Finance Minister Maurizio Leo attributes the hike to the increasing use of Bitcoin in the country. Currently, cryptocurrency gains over €2,000 are taxed at 26%, but the new rate will soon take effect.
Meanwhile, the European Union is preparing to implement MiCA, a regulation aimed at standardizing crypto rules across member states.
- Investor confidence remains high despite the tax hike.
- MiCA regulations could further stabilize the Bitcoin market.
Despite the higher tax, Bitcoin prices continue to show resilience, reflecting strong investor optimism.
Trump’s Campaign Raises $7.5 Million in Cryptocurrency Donations
Since June 2024, Donald Trump’s campaign has raised over $7.5 million in cryptocurrency donations, according to the Federal Election Commission.
His PAC, Trump 47, received Bitcoin, Ether, XRP, USDC, and Tether, with notable contributions from Tyler and Cameron Winklevoss, who each donated over $1 million.
On Tuesday, Trump launched World Liberty Financial, a cryptocurrency banking venture, raising $10.2 million through token sales despite early technical issues.
- Trump’s pro-crypto stance could boost Bitcoin prices.
- The initiative signals a potential shift towards making the U.S. a “crypto capital.”
This could increase investor optimism and demand for Bitcoin.
STKD Launches Bitcoin and Gold ETF as “Debasement Trade” Gains Traction
STKD has introduced a Bitcoin and gold ETF (BTGD) to protect investors from inflation and currency depreciation, especially with global tensions and U.S. elections approaching.
The ETF provides equal exposure to gold and bitcoin, offering portfolio hedging and capital growth potential.
- JPMorgan reports increased interest in “scarcity assets” like gold and Bitcoin.
- Rising geopolitical risks and inflation drive demand for these assets.
This ETF launch may boost Bitcoin prices by increasing institutional exposure and attracting investors seeking protection from economic volatility.
Bitcoin Eyes $69,000 as Uptrend Holds, Key Support at $66,110 in Focus
Bitcoin is trading at $67,450, maintaining its upward trend above the key pivot point of $66,890. The price holds strong near-immediate support at $66,110, with additional support from the 50-day Exponential Moving Average (EMA) at $65,920.
If BTC sustains its momentum, a break above the immediate resistance at $68,310 could drive the price towards the next resistance levels at $69,140 and, ultimately, $69,980.
The Relative Strength Index (RSI) is at 60.72, indicating a neutral stance where neither overbought nor oversold conditions are present. This suggests that Bitcoin can move in either direction depending on upcoming market catalysts.
On the downside, a break below $66,110 could trigger a more significant correction, with potential targets at $65,220 and $64,420. As long as Bitcoin stays above the pivot and maintains support from the 50-day EMA, the overall outlook remains cautiously bullish.
Key Insights:
- Bitcoin needs to surpass $68,310 for bullish continuation.
- Strong support exists at $66,110, reinforced by the 50-day EMA.
- RSI at 60.72 suggests potential for further movement in either direction.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
