The Bitcoin price fell a fraction of a percent in the last 24 hours to trade at $72,397 as of 00:43 a.m. EST on trading volume that plunged 26% to $39 billion.
This comes as Michael Saylor, executive chairman of MicroStrategy and a prominent Bitcoin advocate, shared a misleading post on October 30 on X, attributing a quote to Donald Trump that falsely stated, “Bitcoin is money” and suggesting a tax-free stance on crypto.
The quote appears to have originated from the X account Basedkarbon, which claimed Trump made these statements in a recent interview.
Trump is flirting with the idea of making crypto tax free
From a recent interview:
"They have them paying tax on crypto and I don't think that's right. Bitcoin is money and you have to pay capital gains tax if you use it to buy a coffee? I was talking with a friend he said 'it… pic.twitter.com/rMNonhqQ69
— karbon 🐺🦊 (@basedkarbon) October 28, 2024
Bitcoin Price To Continue Soaring
The Bitcoin price chart shows BTC moving within an ascending channel since September, with a potential breakout above resistance levels. According to data from GeckoTerminal, BTC price bulls capitalized on the $55,000 support to propel the token higher.
The recent price action and the position of indicators suggest a bullish sentiment, with a possible move toward the upper channel range around $75,000 if the momentum holds.
The price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which affirms the rising bullish stance.
The Relative Strength Index (RSI) is approaching overbought territory (above 70), currently at 69.05, indicating that buying momentum is strong. However, if it enters overbought levels and sustains there, this could hint at a continued uptrend.
A pullback may occur if the RSI crosses above 70 and begins to decline, but it’s not a bearish signal unless there’s a clear divergence with price.
The Moving Average Convergence Divergence (MACD) is in bullish territory with a recent positive crossover, meaning the MACD line has crossed above the signal line, a common buy signal. The MACD histogram also shows positive bars, reinforcing this bullish sentiment. This momentum could support further upside if it continues to expand positively.
BTCUSD Chart Analysis Source:GeckoTerminal.com
Bitcoin Price Prediction
The BTC/USD chart analysis indicates that the asset is currently on a bullish trend, with the bulls aiming to capitalize on the major indicators to push the Bitcoin price even higher. If the bulls are successful in breaching the $73,000 resistance, the Bitcoin price could soar even higher, as they target $80,000.
However, if the bears take charge here, the lower boundary of the ascending channel, around the 50-day and 200-day SMAs ($63,373 to $64,367), should act as strong support.
Meanwhile, investors seeking opportunities in the PolitiFi space of the crypto market might want to consider FreeDum Fighters ($DUM), which has blasted past $363k in funds raised in its presale.
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FreeDum Fighters Presale – Next 10X Crypto?
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