📰 Table Of Contents
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $57,520 during the Asian session, showing a 1.25% decrease. This movement below the pivotal $59,328 mark indicates a cautious, bearish outlook for the cryptocurrency. The price prediction for Bitcoin depends on crucial resistance and support levels.
Tax Fraud Allegations Against Roger Ver
Roger Ver, a prominent early supporter of Bitcoin and advocate for Bitcoin Cash (BCH), is facing tax evasion charges by the U.S. Department of Justice (DOJ). Ver, who renounced his U.S. citizenship to become a resident of St. Kitts and Nevis, allegedly sold tens of thousands of bitcoins in 2017, accumulating around $240 million. The charges include failure to file tax returns and not paying taxes on capital gains from asset sales after giving up his U.S. citizenship.
- Legal Requirements: Ver is accused of not reporting income or taxes on distributions from U.S. companies MemoryDealers and Agilestar.
- Past Legal Troubles: Ver previously served time for selling explosives on eBay.
Federal Reserve’s Recent Policy Update
The Federal Reserve has decided to maintain interest rates unchanged, continuing the policy in place since July 2023. However, a significant change is anticipated as the Fed plans to reduce its quantitative tightening (QT) program starting in June. This program involves selling off assets to control economic inflation.
- Background: The Fed purchased government bonds from 2020 to 2022 to aid economic recovery post-pandemic.
- Change in Strategy: To combat rising inflation in mid-2022, the Fed began selling these bonds, withdrawing money from the economy.
Technical Analysis of Bitcoin
As of May 2, 2024, Bitcoin is trading at $57,520, indicating a 1.25% decrease. The cryptocurrency is currently below its pivot point of $59,328, signaling a short-term bearish trend. Key resistance levels to monitor include $61,698, $64,649, and $67,065.
- Immediate support levels are at $56,624, $55,054, and $52,995.
- Technical Indicators: The Relative Strength Index (RSI) is at 34, and the 50-Day Exponential Moving Average (EMA) is at $61,856, suggesting potential downward momentum.
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Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
