Bitcoin seems to find strength in the range-bound from $41,200 to $42,400 due to the coin’s overdue uptrend. The small indecisive candles show that sellers and buyers remain in the indecision phase.
At the moment, the seller seems aggressive, defending the resistance zone from $40,000 to $42,450. If the top digital asset manages to break its current resistance, BTC/USD can rally towards the next psychological level.
Resistance levels – $45K, $46K, and $47K
Support levels – $40K, $39K, and $38K
Keep in mind that BTC has struggled to break over the resistance at $42.4K since 30 July. In scenarios where buyers fail to take the asset above this level, the crypto has chances to plunge. The last three days had sellers and buyers unsure as far as BTC’s next move is concerned.
If bears take control of the market to breach the support at $40K, Bitcoin might experience continuous downtrends. Market analysts trust that the crypto will drop to the $36K lows before subsequent plunges.
On the other part, if buyers succeed, defeating the resistance, BTC/USD will climb to $45K. For now, BTC is at zone 77 of the RSI period 14. Also, the currency has its price over the 80% array of the stochastic.
Such price indications suggest that Bitcoin might incur slight losses in the coming sessions. Meanwhile, the upside path seems full of massive hurdles.
While writing this content, BTC trades at $42,397.
Binance Upgrades Its Platform
Binance, a leading crypto exchange by volume, has upgraded its platform, introducing withdrawal limits and a tax reporting tool. As of August, continuing Binance customers will not withdraw over 0.06 Bitcoin per day without the KYC verification.
The report highlights that existing users will have the new withdrawal upgrade in phases from 4 August.
The platform would adopt another withdrawal restriction by 23 August. Users that completed the full KYC can cash out up to 100 Bitcoins per day.
The introduced tax pool is an API that allows Binance users to track their online transactions and get on-the-spot overviews about the local tax liabilities. Moreover, users can share their transaction histories with third-party vendors.
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