Bitcoin Price Prediction for Today September 8: BTC Price Reclaims the $19.5K Support

Original author: Azeez Mustapha

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Bitcoin Approaches the $20K Psychological Price Level as It Reclaims the $19.5K Support – September 8, 2022

On September 6, Bitcoin’s (BTC) price declined to the previous low at $18,675 but reclaims the $19.5K support. For the past 48 hours, the BTC price is making an upward correction to revisit the previous high. Bitcoin will regain bullish momentum if price breaks above the $19,540 high. The downtrend will resume if Bitcoin turns and break below the $18,675 support.

Bitcoin Price Statistics Data:
•Bitcoin price now – $19,757.29
•Bitcoin market cap – $378,260,579,008
•Bitcoin circulating supply – 19,145,237.00 BTC
•Bitcoin total supply – $414,895,837,993
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

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In the previous price action, BTC/USD has been trading between $19,540 and $20,540 price levels. On September 6, buyers were overpowered by sellers as they broke below the $19,540 support. Bitcoin declined to the low of $18,675 as bulls bought the dips. Today, the BTC price has risen to its previous highs. On the upside, if the BTC price rebounds above the current support, Bitcoin will rise above the $19,540 high. The bullish momentum will extend to breach the initial resistances at $20,500 and $21,000 price levels. Bitcoin will rally to the $24,000 overhead resistance if buyers are successful. Conversely, if buyers fail to break the $19,540 high, Bitcoin will decline to the previous low at $18,675. The downtrend will resume if the current support is beached. Bitcoin will further decline to the low of $17,605.

New Study Lists Top Countries Worst Hit by Crypto Taxation

Crypto tax ranking has been made by Crypto analytics firm Coincub. The new study points out the worst and the best countries regarding crypto taxation. According to the report, global cryptocurrency taxation rules vary from one country to another. That is, some countries have tough crypto tax policies for their residents than others. In a new study by crypto analytics firm Coincub, Belgium is regarded as the worst country in the world in terms of crypto taxation for residents. Belgium’s crypto taxation rules date back to 2017.

The country imposed a 33% tax on capital gains on crypto transactions. Also, it withholds up to 50% in taxes from professional income on crypto trades. The following are the other countries worst hit by crypto taxation. In Iceland, any crypto gains up to $7,000 are subject to 40% tax, while bigger gains will incur 46%, the report notes. In a country like Israel, the sale of crypto is subject to capital gains tax, which is up to 33%. However, if crypto trading involves a business income tax, it may go as high as 50%. Also, in the Philippines, there is no taxation on any crypto income below $4,500. Subsequent income above that will attract taxation up to 35%.

Nonetheless, the new study lists countries that provide tax-efficient incentives to citizens and have much more favorable crypto tax policies. Firstly, Germany tops the list of countries with favorable crypto tax policies. For instance, any crypto investor holding cryptocurrency for a minimum of a year will incur no capital gains tax on selling or converting their crypto. The other crypto-tax-friendly countries include Italy, Switzerland, Singapore, and Slovenia.

Meanwhile, after a recent decline, Bitcoin is fluctuating between the $18,675 and $19,540 price levels but reclaims the $19.5K support. The cryptocurrency will trend when the range-bound levels are breached. Bitcoin is at level 40 of the Relative Strength Index for period 14. It indicates that buyers have been attracted to lower levels of prices.

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