Monat: Februar 2022

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Rekt Capital: Bitcoin’s dip below mid-range support highlights $43-$48K as a key barrier

The analyst says February could see a green candle if $37,000 holds as key monthly support, which could potentially open the path to $50,000.

Bitcoin price has failed to break above $39,000 this week, having bounced near the level multiple times since the upside from lows of $33,000 last week.

BTC is currently 2% down and looking to retest the $38k support level, which if it fails to hold, could see the flagship cryptocurrency dip further.

Pseudonymous crypto trader and analyst Rekt Capital says the declines keep Bitcoin in a consolidation phase, with support and resistance at two exponential moving averages (EMAs) on the weekly chart.

According to him, Bitcoin price has dipped below the two EMAs which macro-wise, represent the mid-range area.

“Since BTC lost its Mid-Range area as support… [It] has revisited the Macro Range Low area (green).Macro-wise however, BTC is still just consolidating between $28000-$68000 (green-red),” he noted in a tweet shared on Wednesday.

Chart showing BTC price below the two EMAs. Source: Rekt Capital on Twitter.

The analyst says Bitcoin is thus set to trade within the lower half of its range low-range highs of $28K-$68K. The benchmark crypto will stay within this “macro range for the next weeks,” Rekt added.

He highlights the $43-$48K range as a critical barrier below which BTC price is likely to hover until bulls reclaim the two EMAs. If this scenario plays out, he believes fresh momentum will see Bitcoin break back into the upper half the $28k-$68k.

BTC set for a “green February”

Looking at monthly support, the analyst notes Bitcoin has had three successive negative closes so far. It includes January that saw BTC/USD slip over 20%.

According to Rekt, Bitcoin is likely to see a reversal in February. His outlook is that the monthly candle shows a retest and bounce off a key level at $37,000.

“The last time BTC successfully turned this level into support was in August 2021 [and] that retest preceded a move to $50,000,” he added.

The last time Bitcoin rebounded off lows of $30k was in July 2021, with an uptick to highs above $52k followed by a retest of $40k and another bounce all the way to its all-time high in November.

The post Rekt Capital: Bitcoin’s dip below mid-range support highlights $43-$48K as a key barrier appeared first on Coin Journal.

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Taxes don’t mean crypto trading automatically becomes legal, Indian tax official says

  • India’s Finance Minister had announced a 30% tax on all crypto income, including NFTs

  • Tax chief JB Mohapatra says the step doesn’t equate to legalizing crypto trading in the country.

Tuesday’s budget speech by India’s Finance Minister Nirmala Sitharaman included a provision for a 30% tax on crypto income, prompting reactions from across the crypto community that the country had signaled recognition for crypto assets.

But in a statement made after the budget speech, Central Board of Direct Taxes (CBDT) chairman JB Mohapatra looked to clarify that this view could be wrong.

According to the CBDT boss, the finance ministry’s move to tax cryptocurrencies should not be taken to mean that trading in these digital assets is officially legal.

He said that taxing crypto trades under the new laws has no connection whatsoever with their legality.

Crypto “do not ipso facto become legal or regular just because you have paid taxes on that,” Mohapatra noted in the interview.

He added that while the move to introduce the taxes widens the tax bracket and gives the taxman an extra net to target potential cheats and other illegal activities.

Despite this obvious benefit, he explained, only a proper regulatory framework on cryptocurrencies could spell the legality or otherwise of trading of the asset class.

India will launch its central bank digital currency in the next one or two years, even as it looks to bring private cryptocurrencies under government regulation.

The post Taxes don’t mean crypto trading automatically becomes legal, Indian tax official says appeared first on Coin Journal.

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Market highlights February 2: Cryptos mostly in the green, cruise stocks push US indices up

The crypto markets were in the green this morning, with the majority of the top 10 cryptos registering gains over the past 24 hours.

US indices put a poor January behind them to finish higher yesterday. Cruise stocks Carnival Corp (+5.51%), Norwegian Cruise Line Holdings (+3.7%), and Royal Caribbean (+4.24%) made waves amid changing investor sentiment towards the sector.

The UK100 (+0.35%) finished up yesterday as sentiment turned bullish ahead of the Bank of England’s latest interest rate decision on Thursday.

Top cryptos

Bitcoin remained flat, trading above $38,000 at time of writing. Ethereum and XRP were up around 1% each, and Cardano registered gains of around 2%. Solana and Polkadot were also higher, climbing around 3% and 4%, respectively.

Top movers

Most cryptos outside the top 20 gained or lost 2-4% in the last 24 h. Notable gainers include Internet Computer, which is rallying again, Ethereum Classic, and UNUS SED LEO. Each added 8% to its value today. Render token also continues its rally. It gained 9% in the last 24 h.

Quant is easily the biggest winner of the day. The network launched in June 2018 with the goal of connecting blockchains and networks on a global scale without reducing the efficiency and interoperability of the network. Its native token is up 23% today.

Trending

The cryptocurrency Adventure Gold is rallying today, riding the success of the NFT market and metaverse tokens like MANA and SAND. The native ERC-20 token of the Loot non-fungible token (NFT) project gained 112% in 24 hours.

Another popular coin today is IDEX, which describes itself as the first hybrid liquidity DEX that combines an order book model with an automated market maker. It added around 33% to its value.

The post Market highlights February 2: Cryptos mostly in the green, cruise stocks push US indices up appeared first on Coin Journal.