{"id":588262,"date":"2024-10-17T10:19:46","date_gmt":"2024-10-17T10:19:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=588262"},"modified":"2024-10-17T10:19:46","modified_gmt":"2024-10-17T10:19:46","slug":"bitcoin-price-prediction-as-italy-plans-capital-gains-tax-hike-on-btc-to-42-traders-buy-this-ico-with-a-617-staking-apy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-italy-plans-capital-gains-tax-hike-on-btc-to-42-traders-buy-this-ico-with-a-617-staking-apy","title":{"rendered":"Bitcoin Price Prediction: As Italy Plans Capital Gains Tax Hike On BTC To 42%, Traders Buy This ICO With A 617% Staking APY"},"content":{"rendered":"
The Bitcoin price climbed by a fraction of a percent in the last 24 hours <\/span>to trade at $67,848<\/span><\/a> as of 03:18 a.m. EST on trading volume that plunged 24% to $37 billion.<\/span><\/p>\n This comes as Italy’s Deputy Finance Minister, Maurizio Leo, announced plans to increase the capital gains tax on Bitcoin and other cryptocurrencies to 42% from 26%.<\/span><\/p>\n Leo said extra revenue is needed to suppo<\/span>rt public services and address the country’s budget shortfalls.<\/p>\n The Bitcoin price is in a clear uptrend, making higher highs and higher lows since late September. There has been a breakout above a horizontal resistance level around the $66,000 mark, which now acts as support, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n There is a broader support zone between $57,500 and $60,000 marked by the yellow rectangle, which has been tested multiple times, making it a significant demand area.<\/span><\/p>\n BTC now trades above the 50-day and 200-day Simple Moving Averages (SMAs), supporting the general upward trend.<\/span><\/p>\n The Relative Strength Index (RSI) is at 71.19, which indicates that the asset is entering overbought territory (RSI above 70). This suggests that although the momentum is strong, there could be a potential pullback or consolidation as some traders might look to take profits.<\/span><\/p>\n Moreover, The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), showing a strong bullish momentum.<\/span><\/p>\nBitcoin Price Could Continue Soaring<\/h2>\n