The Bitcoin price climbed by a fraction of a percent in the last 24 hours to trade at $67,848 as of 03:18 a.m. EST on trading volume that plunged 24% to $37 billion.
This comes as Italy’s Deputy Finance Minister, Maurizio Leo, announced plans to increase the capital gains tax on Bitcoin and other cryptocurrencies to 42% from 26%.
Leo said extra revenue is needed to support public services and address the country’s budget shortfalls.
Bitcoin Price Could Continue Soaring
The Bitcoin price is in a clear uptrend, making higher highs and higher lows since late September. There has been a breakout above a horizontal resistance level around the $66,000 mark, which now acts as support, according to data from GeckoTerminal .
There is a broader support zone between $57,500 and $60,000 marked by the yellow rectangle, which has been tested multiple times, making it a significant demand area.
BTC now trades above the 50-day and 200-day Simple Moving Averages (SMAs), supporting the general upward trend.
The Relative Strength Index (RSI) is at 71.19, which indicates that the asset is entering overbought territory (RSI above 70). This suggests that although the momentum is strong, there could be a potential pullback or consolidation as some traders might look to take profits.
Moreover, The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), showing a strong bullish momentum.
BTCUSD Chart Analysis Source: GeckoTerminal.com
Bitcoin Price Prediction
According to the Bitcoin price analysis, the price of Bitcoin is now surging as BTC crosses above the upper boundary of the sideways pattern. Both the RSI and MACD confirm the bullish sentiment.
If this momentum sustains, Bitcoin could soar to the next resistance level at $70,000.
While the market is trending upward, caution should be exercised due to the overbought RSI level. In case of a downtrend, BTC price could go through a correction back to the $62,400 support within the 200-day SMA.
Meanwhile, investors looking for alternative investment options may want to consider Crypto All-Stars (STARS) , an innovative new ICO that has raised over $2.4 million.
According to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Presale Heads Towards $3 Million – Best Meme Coin to Buy Now?
Crypto All-Stars is a breakthrough project that offers investors the chance to stake top meme coins on one platform.
Via its M͏emeVault protocol, investors will be able to stake 11 meme coins after the platform’s launch: Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk, with plans to add more in the coming months.
Investors can also stake STARS tokens to earn a stratospheric annual return of 617%.
STARS tokens are priced at $0.0015067 right now. But that will increase in less than 2 days, so act soon to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card .
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