Bitcoin is currently trading at $57,520 during the Asian session, experiencing a 1.25% decrease. This places it below the crucial $59,328 mark and indicates a bearish outlook for the cryptocurrency. The prediction for Bitcoin’s price movement relies on key resistance and support levels, which could impact its future trajectory. Roger Ver, a prominent supporter of Bitcoin and Bitcoin Cash, is facing allegations of tax fraud by the U.S. Department of Justice. These charges stem from actions in 2017 when Ver failed to report income and pay taxes on gains from selling assets after renouncing his U.S. citizenship.
Ver is accused of not filing tax returns and neglecting to pay taxes on capital gains earned from selling assets post-expatriation. He allegedly did not report income or taxes due on distributions from U.S. companies MemoryDealers and Agilestar. This is not Ver’s first encounter with legal troubles, as he previously served time for selling explosives on eBay. The DOJ claims that Ver concealed Bitcoin sales from his accountant, resulting in his tax returns for 2017 not reflecting profits or tax liabilities from these transactions. Ver’s recent social media post hints at the challenges he is currently facing, stating, “Don’t expect bad people to do good things.”
The Federal Reserve recently announced plans to maintain the current interest rates but will scale back its quantitative tightening program starting in June. This decision brought about a drop in U.S. Treasury yields, affecting mortgage and loan rates. The Fed’s quantitative tightening involves selling off assets to reduce the money supply, which may lead to increased interest rates. This change in strategy has raised concerns about potential economic impacts, with experts like JPMorgan Chase’s CEO, Jamie Dimon, expressing worries about draining billions from the economy annually. Previous instances of quantitative tightening have resulted in unforeseen consequences, highlighting the complexity of such measures.
A technical analysis of Bitcoin on May 2, 2024, reveals that the cryptocurrency is trading at $57,520, showing a 1.25% decrease. Bitcoin is currently below the pivotal point of $59,328, indicating a bearish short-term outlook. Key resistance levels to monitor include $61,698, $64,649, and $67,065, while support is found at $56,624, $55,054, and $52,995. Technical indicators, such as the Relative Strength Index (RSI) and the 50-Day Exponential Moving Average (EMA), suggest potential downward momentum unless Bitcoin climbs above $59,328. Meanwhile, 99Bitcoins is hosting a presale event offering $99BTC tokens at an attractive rate with additional benefits for early adopters.
99Bitcoins Presale event provides early investors with an opportunity to purchase $99BTC tokens at a low price of $0.00103 each, allowing for potential returns as the ecosystem grows. These tokens offer rewards and exclusive content access to holders, making them an attractive investment option. The ongoing presale has already raised a significant amount towards the target goal, attracting interest from individuals looking to stake their tokens for future gains. It is essential to act promptly as the price is set to increase soon, providing limited time for investors to leverage the benefits offered by the presale.
