Bitcoin reaches US$ 48,000, the highest price since May and is approaching the golden cross

The cryptocurrency market continues to rise and has reacted positively to news of changes in the amendment that wants to tax cryptocurrencies in the United States, with Bitcoin now trading in the $48,000 range.

Previously, amendments to the infrastructure bill were presented to US lawmakers, who used the term “broker” for nearly all participants in the cryptocurrency market, including miners, validators, software developers, and so on.

It was proposed to oblige them to provide the US tax service with data on all transactions, their senders and recipients. All representatives of the cryptocurrency community, including Elon Musk and Jack Dorsey, spoke out against the amendment.

They noted that network participants such as programmers and miners do not have the ability to collect such information and therefore the ability to comply with the law.

Bloomberg reported late on Friday (13) that US authorities are gearing up to improve fiscal reporting requirements, which have caused concern to many cryptocurrency industry players.

According to sources, the country’s government intends to make a statement that these requirements will be imposed only on companies that consider themselves to be brokers.

This will remove the requirement for miners, developers and other industry representatives that they are not brokers as such but could be recognized by them under the new legislation.

golden cross

With the digital currency’s new rally, analysts expect the formation of the so-called “golden cross” in the market, a graphical pattern that represents the intersection of short-term and long-term moving averages.

The 50-day moving average is used as the short-term average and the 200-day moving average is used as the long-term average. The golden cross is traditionally considered a harbinger of forts.

According to analysts, there are about 2 days left for the new bitcoin golden cross to reach the market.

The golden cross happens when the 50-day MM and the 200-day Bitcoin moving average intersect. The pattern is a bullish indicator, as the short-term moving average exceeds the long-term moving average, potentially indicating a longer-term positive rebound.

While golden crosses are strong positive price indicators, the increase in market liquidity has reduced the overall impact that trading events have on price.