Bitcoin Today: lateral movement

30 avr. 2018

Price
BTCUSD spent last days in a lateral corridor around 9250.0 level. Daily volume peaks trades above the 9250.0 which points on the bullish mood of the market. The 9500.0 – 10000.0 zone have high selling pressure so the price will need to gain high volumes and momentum to break above 10000.0 level; we expect a lot of false breakthroughs of the 9500.0 level prior real one. 9000.0 level along with 100-days EMA should act as a support for the current scenario.

Today forecast
Lateral trading in 9200.0 – 9500.0 zone.

Latest news

• More than 80% of all Bitcoins are already mined. The 17 millionth Bitcoin was mined earlier this month, according to Blockchain.info, meaning there are only 4 million left to be unearthed (metaphorically, not physically). That’s because the supply of Bitcoin is finite. Only 21 million will ever exist.
  The fewer Bitcoin there are left to be mined, the harder the mining process becomes. In fact, it’s believed that the final Bitcoin will be mined in 2140 − more than a century from now.
  To put that into context, it’s taken just over nine years to mine the first 17 million Bitcoin.
  This scarcity is widely expected to lead to the price of existing Bitcoin shooting up, as new ones get more and more difficult for people to get their hands on.
  
• France Reduces Cryptocurrency Taxes. Earlier this year, the High Administrative Court of France was seized on behalf of several taxpayers, challenging the instituted regimen, in force since July 2014, related to taxation of bitcoin and other cryptocurrency-related transactions. Under the aforementioned tax legislation, gains from the sales of cryptocurrencies used to be considered commercial and industrial profits, in the event of usual and continuous activity, and as non-commercial profits in the events of occasional activity. With this categorization, taxpayers were subjected to different rates which could get to as much as 45%. As reported by French media Le Monde, the Council of State has moved to rule partially in favor of the claimants under the above case. The institution has decided to reconsider the way gains stemming from the sale of cryptocurrencies are regulated and it now sees them as profits made of “movable property”.
  This means that they are to be taxed with a flat rate of 19%, which is substantially lower than the previous position, even if you add the Generalized Social Contribution (CSG) of up to 17.2%.