Bitcoin has regained some of the positions lost on Monday and Tuesday after entering from the consolidation zone outlined by the triangle.
The Congress of El Salvador has approved a law regulating the use of bitcoin as a legal tender in the country. The text of the law also states that the exchange rate of bitcoin to the dollar will be freely set by the market, tax payments can be made in bitcoins, bitcoin exchanges will not be subject to capital gains tax, and that every economic agent must accept BTC as payment, except in cases of lack of access to technology that would allow them to do so to do.
Iranian President Hassan Rouhani has called for the legalization of cryptocurrencies in Iran. At a recent meeting of the Economic Coordination Council under the Cabinet of Ministers of Iran, the President stressed the need to adopt laws that legalize activities related to cryptocurrencies. At the moment, bitcoin mining is still banned in the country.
Online broker Interactive Brokers will start providing the opportunity to trade cryptocurrencies on its platform by the end of summer, as stated by Chief Executive Officer Thomas Peterffy.
Well—known technical analyst Peter Brandt said that 21000 is the lowest price he can foresee for bitcoin if the correction continues. Brandt also expressed the opinion that the probability of bitcoin’s price rising to 100,000 is 70%, and the chance that the price will go to zero is 30%.
According to technical analysis, in case of a return below 33400, a decrease to 30,000 is likely, then – 24,000. In case of consolidation above 42000, an increase to 47000 is likely.