Bitcoin has risen above $65,000 and has shown tenacity in the face of large sell-offs, such as the removal of 91,755 BTC from Mt. Gox. The outlook for the cryptocurrency market is still positive, as seen by the enormous inflows into spot Bitcoin ETFs.

Bitcoin has risen above $65,000, demonstrating its endurance in the face of notable sell-offs. Even with the latest migration of 91,755 BTC (worth $5.8 billion) from Mt. Gox, the cryptocurrency market is still recovering. This suggests that the market is moving in a bullish direction.

Since its introduction in January, spot bitcoin ETFs have drawn inflows of over $16 billion, with $300 million added only this week, according to CoinSwitch Markets Desk. Steady investments have been made in major funds like Fidelity’s Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust, indicating strong investor demand for regulated Bitcoin exposure.

CoinDCX Market Movement shows that the cryptocurrency market is expanding, as evidenced by ETH reaching $3,500 and BTC surpassing $65,000. In order to sustain its positive momentum, Bitcoin needs to stay above $60,000 and break through the $68,000 barrier. For ETH to remain above $3,350, it must breach $3,650. The level of volatility has gone up and is predicted to stay high this week.

The day’s best performer is Worldcoin’s WLD token, which had a 20% rise and broke its protracted downward trend.

The CEO of Mudrex, Edul Patel, observes that the price of Bitcoin, which is presently trading around $65,000, is still rising. Bulls in the market are now targeting $71,500 after lifetime net inflows into US spot Bitcoin ETFs surpassed $16 billion on Monday. With the next major resistance at $67,200 and support at $64,250, a rise above the $66,500 resistance could spark additional positive momentum.

WazirX vice president Rajagopal Menon discusses Bitcoin’s incredible rise, which saw it rise by more than 15% and break through the significant $65,000 barrier. The $66,500 mark is being watched by analysts as the first significant obstacle. The hourly RSI shows significant buying pressure, and the spike in XRP trading volume points to a possible breakout as the cryptocurrency breaks through important resistance levels and finds support.

Co-founder of Shardeum Nischal Shetty points out that despite significant sell-offs, such as those by the German government, Bitcoin is still robust. Despite their significance, the Mt. Gox settlements are not anticipated to trigger a widespread sell-off. Because of its liquidity, the market is now more confident, demonstrating the maturity and resiliency of Bitcoin.

Despite obstacles like the Mt. Gox repayments, Avinash Shekhar, Co-Founder & CEO of Pi42, notes that Bitcoin has hit a four-week high above $65,800. The market is trending well, and altcoins like XRP and Near Protocol are driving it. For Bitcoin, July often performs better than June, and this year is no exception.

The ability of Bitcoin to withstand significant sell-offs and market swings suggests that the market is mature and that investor confidence is high. The attitude surrounding the cryptocurrency market is still positive generally as altcoins continue to perform well. To predict future moves, investors are attentively observing important resistance and support levels.

Quick analysis of the cryptocurrency pricing on October 18: At $1.05 trillion, the market capitalization was global.

The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), was able to hold onto its value above $28,000 early on Wednesday. Well-known cryptocurrencies, including as Litecoin (LTC), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Ethereum (ETH), consistently performed poorly. With a rise of more than 7% in just one day, the Toncoin (TONNE) token emerged as the largest gainer of the group. Sui (SUI), meanwhile, saw a decline of more than 9% in a day, making it the biggest loser.

As of the time of writing, the value of the entire cryptocurrency market was $1.09 trillion, a decrease of 0.19 percent in a day.

Bitcoin Price Today
According to CoinMarketCap, the price of bitcoin was $28,502.78, representing a gain of 0.74 percent in a day. As to the Indian exchange WazirX, the current value of Bitcoin was Rs 24.55 lakh.

Ethereum Price Today
At the time of writing, the price of ETH was $1,566.69, a decrease of 1.51 percent over the previous 24 hours. Ethereum’s price in India was Rs 1.37 lakh, according to WazirX.

Dogecoin Price Today
DOGE, which is presently trading at $0.05892, saw a 1.79 percent 24-hour drop, according to CoinMarketCap data. Dogecoin was priced at Rs 5.15 in India, according to WazirX.

Litecoin Price Today
Litecoin lost 1.53 percent in a day. When this was written, its market price was $62.12. The cost of LTC was Rs 5,320.14 in India.

Ripple Price Today
The price of XRP was $0.4906 after declining 0.61 percent in a day. WazirX reported that the price of ripple was Rs 42.

Solana Price Today
The price of Solana was $24.02, down 0.08 percent in a day. WazirX reports that the price of SOL in India was Rs 2,037.

On Monday, Bitcoin, Ethereum, and other cryptocurrencies plummeted. The worldwide crypto market valuation was $1.06 trillion, with approximately $20.6 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 0.2 percent to $26,426.9. Its market capitalization was $512.9 billion. The total value of trade was $9.7 billion.

Ethereum
Ethererum, or Ether, the second largest virtual currency, declined 0.1 percent to $1,726.4, with a market capitalisation of $207.4 billion. In the last 24 hours, Ethereum’s trade volume was $3.9 billion.

Dogecoin
A meme-based virtual currency, moved slightly higher on Monday. Its market capitalization was $8.7 billion. The total trade volume was $232.4 million.

Solana
Solana dropped 0.4 percent to $15.5, with a market valuation of $6.2 billion. Solana’s transaction volume in the last 24 hours was $141.1 million.

Shiba Inu
Shiba Inu gained 3.3 percent and now has a market capitalisation of $4.2 billion. In the last 24 hours, the transaction volume was $198.3 million.

Polygon
Polygon declined 1.3 percent to $0.6 and has a market cap of $5.6 billion. In the last 24 hours, the transaction volume was $253 million.

The cryptocurrency industry has high hopes for the upcoming Union Budget of 2023. The industry is hoping that FM Nirmala Sitraman will implement a number of changes, particularly in the classification and taxation of Virtual Digital Assets (VDAs). The two most important requirements are:-

1. The 1% tax deducted at source (TDS) on Crypto asset sales transactions should be eliminated. This tax causes investors to lose money with each trade and discourages new investors from entering the market, resulting in a loss of capital investment in crypto assets.

2. The current tax structure should be changed to allow for the set-off and carry-forward of losses in VDAs in the same way that equity shares and derivatives do. The 30% threshold was established in response to comparisons of digital assets with highly speculative avenues such as gambling and betting. However, because VDAs are similar to securities trading, they should be treated similarly in terms of taxation and setoff benefits.

According to The Esya Centre, a Delhi-based think tank, the 30% tax and 1% TDS resulted in a total trade volume of Rs 32,000 crore shifting from Indian crypto exchanges to foreign ones between February and October 2022. According to the study, the current tax structure will result in a loss of approximately Rs 99.3 trillion in local exchange trade volume over the next four years.

Furthermore, the use of international exchanges raises concerns about data privacy because user data is stored abroad, with Indian users having less recourse. The government also loses potential tax revenue and violates current policy by attempting to improve the ease of doing business.

Optimising these taxes will level the playing field for Indian exchanges and be consistent with the government’s Atmanirbhar Bharat and Make in India policies.

For the first time, India is the G20 president, and she will lead this influential group for a year. The G20 is the only platform that brings together the world’s major developed and emerging economies. The world has taken note of India’s approach as it successfully navigated the global pandemic and the recent Ukraine crisis. PM Modi and FM Sitarman have both stated on numerous occasions that crypto regulation must be a global effort. Because what the G20 countries adopt will set the tone for the rest of the world to follow, India has a unique opportunity to set the agenda on global crypto regulation.

Bitcoin (BTC) hit a quick six-week high by July 29 as the fallout from the latest macro development boosted risk assets.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
A monthly closing could seal 20% profits
Data from Cointelegraph Markets Pro and TradingView captured local highs of $24,445 for BTC/USD on Bitstamp, the best since the week beginning June 13.

After consolidating around $23,000, bulls got a second wind to push the market higher on the back of the latest US Federal Reserve rate hike and GDP data confirming the US is now in recession.

Risk assets outperformed overall, with bitcoin and altcoins joining gold to give traders and analysts reason for a positive outlook.

Gold #GOLD $GLD $GC_F held the bottom of the 23-month rectangle (yellow), which will serve as a handle for the massive C&H. The bull market has begun. Prices are heading north. The goal aimed for $3,000 over the next few years.

“This is getting interesting,” chain monitor Material Indicators tweeted in an update to its short and long signal thread for the June 28 BTC/USD daily chart. He observed the potential for Bitcoin to reach a higher high (HH). next:

“All trend spotting signals are printed on the Long D chart, plus the 21-DMA and 50-DMA unwinds. If BTC can form a HH, there will be a small friction to the next HH and then the macro channel will go into the YES range, it is still a bear market rally.”

Material Indicators added that $25,000 would also be a key price level to watch if the higher high at $24,300 holds for the day’s close.

“If this rally can get past $25,000 then $28,000 will take center stage very quickly,” read part of another post.

“The parabolic downtrend from ATH has been broken,” Blockware Chief Analyst William Clemente, meanwhile, summed up in a skewed alternative view of BTC’s current price performance in 2022.

From the same point last week, BTC/USD is up a modest 4% at the time of writing. With two days left until July’s weekly close, the pair was on track to close out monthly gains of over 20%, data from Coinglass confirmed.

BTC/USD monthly returns chart (screenshot). Source: Coinglass
Key support ETH eyes regained above $1,700
Altcoins were similarly rosy on the day as Ether (ETH) breached $1,700 to challenge the highs of the week dating back to June 6.

Related: 3 Bitcoin Trading Behaviors Suggest BTC’s Return to $24,000 Is a ‘Fakeout’

Does it scare you or get you very, very excited? #ETH

While Material Indicators toyed with the idea of another retracement and a lower low well below $1,000, others acknowledged the strength of short-term price action across altcoins.

“$ETH, like many altcoins, successfully retested old resistances to new supports and has rebounded strongly since then,” commented popular trader and analyst Rekt Capital.

Strong rebound from $ETH after successful retest

ETH is slowly approaching the next immediate resistance (upper orange box)

ETH would need to regain the bottom of this box as support if it is to move higher #ETH #Crypto #Ethereum

Additional analysis called for ETH/USD to reclaim the support zone starting around $1,730 for a continuation.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and trading step involves risk, you should do your own research when making a decision.