Bitcoin continues to show a strong bullish trend, holding above the key support level of $104,500. Meanwhile, U.S. lawmakers are calling for tax reforms to enhance the competitiveness of crypto mining.
Bitcoin Maintains Bullish Trend
Bitcoin (BTC/USD) continues to trade above an important support level of $104,500, reinforcing its current bullish trend. Trader Crypto Tony noted that this level serves as a foundation for the current upward structure. Bitcoin is currently trading at $107,760, which is up 1.94% from the previous day after rebounding from a recent low of $104,080.
Resistance Levels Cap Upside Potential
Despite the ongoing bullish trend, immediate resistance is seen at $112,115. A move above this level could lead to further gains and possibly new quarterly highs. Until then, Bitcoin remains range-bound between $104,000 and $112,000. The Relative Strength Index (RSI) stands at 55.61, indicating stronger bullish pressure, with trading volume remaining steady at 1.51K BTC.
U.S. Lawmakers Demand Tax Reform
Senator Cynthia Lummis has raised concerns over double taxation for Bitcoin miners and stakers. She stated that they are taxed both when they receive block rewards and when they later sell them. Michael Saylor of MicroStrategy supported Lummis’s stance, urging lawmakers to eliminate what he termed an unfair tax policy.
Thus, Bitcoin's hold above the $104,500 level, alongside lawmakers' calls for tax reforms, highlights the growing interest and necessity for a more supportive regulatory environment for the crypto industry in the U.S.
