Despite the recent breakouts to the $40,000 level, Bitcoin (BTC) price could still face downward pressure in August. The 42% rally in late July effectively inspired some optimistic short-term options bets but the initial data largely favors the neutral-to-bullish call options, and failure to sustain $40,000 has significantly reduced this advantage.
A good deal of the pressure is probably coming from the infrastructure proposal in the United States Senate. HR 3684 tightens rules on businesses handling cryptocurrencies and expands reporting requirements for brokers and this has had a knock on effect on the market’s bullish momentum. In addition to tightening regulations on crypto-oriented businesses, the backers of the bill believe they can find $28 billion in extra funding by expanding taxation on digital asset transactions.
Continue Reading on Coin Telegraph
