Bitcoin (BTC) is currently consolidating above $28,000 as a breakout or breakdown approaches, May 28, 2022. BTC/USD has been hovering between $28,500 and $32,000 for the past two weeks. As the current support is threatened by the bears, further gains are unlikely today.
Bitcoin Price Statistics:
– Current Bitcoin Price – $28,828.81
– Bitcoin Market Cap – $549.245 billion
– Bitcoin Circulating Supply – 19051456.00 BTC
– Total Bitcoin Supply – $605.429 billion
– Bitcoin Coinmarketcap Ranking – No. 1
Resistance levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000
Buy Bitcoin Now
Bitcoin is currently trading in a tight range below the 21-day SMA. The moving average acts as a resistance to the price. Buyers have been defending the $28,600 support level for the past two weeks. On the upside, if BTC price rebounds, it will break above the 21-day SMA. The bullish momentum will extend to the 50-day SMA. Once it crosses the 50-day SMA, it will signal the resumption of the uptrend. Conversely, if BTC price turns around from the 21-day SMA, the bears will break the $28,600 support level. The bearish momentum will extend to the previous low of $26,591. Meanwhile, the Bitcoin Relative Strength Index (RSI) is at the 37 level on the 17-day cycle. The cryptocurrency is in a downtrend zone and it could decline further.
Crypto Investors in Brazil to Pay Taxes on Profits from Crypto Trading
Investors in the Brazilian crypto asset market must pay taxes on transactions involving cryptocurrency trading, the Brazilian Federal Taxation Office (RFB) has stated. The RFB wants investors to pay taxes on gains from cryptocurrency trading, even if no exchange is made for Brazil's national currency. Investors subject to tax are those whose transactions exceed 35,000 Brazilian reals (about $7,263.67). In addition, capital gains from the sale of cryptocurrencies are exempt from income tax. That is, "if the value of sales of all types of crypto assets or virtual currencies, regardless of their name, in a month is equal to or less than 35,000 reals (thirty-five thousand reais)", according to the RFB statement.
Nonetheless, as a breakout or breakdown is imminent, bears are attempting to break the $28,600 support level. A breakout or breakdown of the price could occur in the coming days. Meanwhile, during the downtrend on May 12, a pullback candle body tested the Fibonacci Retracement level of 78.6%. This retracement suggests that Bitcoin will fall further to the 1.272 Fibonacci Extension or $21,437.4.
Read more:
• How to buy cryptocurrency
• How to buy Bitcoin
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