Bitcoin (BTC) Price Prediction: BTC/USD Uptrend Is Stuck below $42,400 as Bitcoin Trades Marginally

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Bitcoin (BTC) In a Downward Correction as Bitcoin Trades Marginally – July 31, 2021

BTC/USD – Daily Chart

Following the recent rally to $42,400, buyers have been able to sustain the recent bullish momentum. On July 31, the BTC price retraced to $41,110 low but resumed upward to retest the previous high. Bitcoin attained another high of $42,532 but was repelled. On the upside, a strong rebound above the $42,400 will propel the coin to reach the high of $45,000. The major obstacle to Bitcoin’s upward move is the resistance between $40,000 and $42,451. Bitcoin’s upward move is unlikely as the market reaches the overbought region. According to the price indicator, Bitcoin is at level 71 of the Relative Strength Index period 14. It indicates that Bitcoin has no room to rally on the upside.

Israeli Government Seeks to Trail Crypto Holdings Above $61k

The Israeli government is taking measures to deter tax evasion and close loopholes for would-be money launderers as part of a “war against black capital.” According to a new draft bill published by the Ministry of Finance, cryptocurrency users will be under increased scrutiny. It is now mandatory for cryptos users who have purchased 200,000 Israeli shekels ($61,000) or who holds crypto worth the same amount and above to file a report with the Israeli tax authorities. The bill states that: “Virtual currencies have become commonplace among the public, and they are practically traded as an asset on exchanges. Digital coins can be subdivided into small units, transferred relatively easily by electronic means, and are not subject to surveillance or inspection. In these circumstances, virtual currency is a convenient and effective means of concealing income, accumulating undeclared assets, and money laundering.”

BTC/USD – 4 Hour Chart

Meanwhile, the BTC/USD price movement has been insignificant as Bitcoin trades marginally. BTC price is confined in a tight range. The crypto is consolidating near the resistance zone. 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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