Bitcoin (BTC) continues to meet its buyers again at critical levels after the sharp pullbacks on May 19, which is defined as “Black Wednesday” for the cryptocrency markets. Bitcoin is down nearly 50% after peaking at $64K. Bitcoin, which fell 30% in 24 hours, experienced a sharp pullback to the support of $30K, and managed to come back to the levels of $40K with a strong buying support at this level.
The U.S. Treasury Department stated that cryptocurrencies over $10K must be reported to the tax authorities. With this development, it is aimed to prevent tax evasion by using crypto money, but it is expected that this development will take about a year to be implemented. While many countries, including our country, continue their regulatory work with crypto money markets, it is foreseen that this development can be taken as an example or evaluated.
Tesla CEO Elon Musk, who made an impact in the cryptocurrency markets with his statements, touched on the scaling problems of Bitcoin. He stated that Lightning is necessary for now, but thanks to the rapidly increasing bandwidth and computing power, all transactions can be handled with a single layer in the future. With this explanation, the Bitcoin scaling debate can be revived and the cryptocurrency market can be made more functional with discussion and improvements.
JPMorgan, the largest American bank, stated that institutional investors are turning to gold by selling their Bitcoins and cryptocurrencies. Stating that with the sharp decline in the crypto money markets, crypto money investors have become nervous and prefer gold, which is a safer investment store, JPMorgan believes that despite these developments, Bitcoin can reach the levels of $ 140,000 in the long run.
Bitcoin is currently trading at 40,602 levels below its 20-day moving average of $50,688 and its 50-day moving average of $54,499. On a daily basis, RSI(14) value is seen as 31,330 and STOCHRSI(14) value is seen as 26,232. In the short term, important support levels for Bitcoin are 28.927/31.968/36.343; important resistance levels are foreseen as 43.758 / 46.800 / 51.174.
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