US Committee To Vote On Crypto Rules
US to regulate cryptocurrencies as Bitcoin's price points towards a $50,000 target.
The U.S. House Financial Services Committeewill soon vote on new rules for digital assets, including cryptocurrencies and stablecoins. These rules will be discussed in the second week of July.
As U.S. regulatory agencies struggle with how to handle the crypto industry, some Republican leaders have introduced bill drafts to help make regulations clearer.
Bitcoin, as some analysts predicted, seems to be entering a potential bull market, similar to stocks. Over the last several days, Bitcoin's price has climbed back above $30,000. Now, it's trying to stay above this important price level.
Bitcoin's price has increased more than 6% in a day. This rise has triggered a potential bullish crossover on the LMACD. This is the first positive sign on the LMACD since it went negative in August 2021.
A bullish crossover happens when the LMACD line goes above the signal line. But, this needs to be confirmed by a monthly close, and several monthly closes are needed for full confidence.
If we look at multiple signals together, Bitcoin could reach $50,000. For example, Bitcoin's price is close to $30,000 resistance, it's at the monthly Bollinger Band basis line, and there's the bullish crossover of the monthly LMACD.
If Bitcoin goes above the middle of the Bollinger Band, the next logical price level would be the upper Bollinger Band, which is currently above $50,000 per Bitcoin. Historically, after Bitcoin crossed the middle and went bullish, it usually reached the upper band in the following months. Will this time be different? Or is $50,000 the next target for Bitcoin?
