Bitcoin (BTC) Builds Strength on Market Surge as Bitcoin Uptrend is Overdue – July 31, 2021
Bitcoin is range-bound between $41,200 and $42,400 as Bitcoin uptrend is overdue. The small body indecisive candlesticks are describing that buyers and sellers are in a period of indecision. Sellers are aggressively defending the $40,000 to $42,451 resistance zones.
Since July 30, BTC price has been struggling to break above the $42,400 resistance. The crypto stands the chance of falling if buyers fail to push Bitcoin above the current resistance level. For the past three days, buyers and sellers are undecided about the direction of the market. On the downside, if the bears break below the $40,000 support, it will signal the resumption of the downtrend. Analysts believe that Bitcoin will first drop to the low of $36,000 before a subsequent fall on the downside. Conversely, if buyers can push BTC price above the current resistance, BTC/USD will rally to $45,000 high. In the meantime, Bitcoin is at level 77 of the Relative Strength index period 14. Similarly, the BTC price is above the 80% range of the daily stochastic. These price indicators point to the fact that Bitcoin will fall. Further upside is doubtful. Bitcoin is trading at $42,397 at the time of writing.
Binance Introduces Tax Reporting Tool and Withdrawal Limits
Binance exchange is the world’s biggest cryptocurrency exchange by trading volumes. With effect from August, existing Binance users will be unable to withdraw more than 0.06 BTC per day without completing full KYC verification. According to the report, Binance will continue applying new withdrawal limits for existing users in phases starting from Aug. 4. By Aug. 23, a new withdrawal restriction would have been adopted. Binance users who have completed full identity verification will be able to withdraw up to 100 BTC in a day, or nearly $4 million at BTC prices. Binance new tax reporting tool is an Application Programming Interface that enables Binance users to track their crypto transactions, transfer their transaction history to third-party vendors, and obtain instant overviews of their local tax liabilities. The new initiative is part of the exchange’s broader strategy to expand user protection and risk management protocols.
Nevertheless, the BTC price is still retesting the $42,400 resistance as Bitcoin uptrend is overdue. The bulls have been able to sustain the recent rallies as Bitcoin continues to consolidate above $41,000 support. Meanwhile, on July 26 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $43,302.40.
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