BTC Price in a Confined Range as Bitcoin Faces Rejection at $39k– January 26, 2022
On January 24, BTC/USD fell to the low of $33,000 as Bitcoin faces rejection at $39K. Subsequently, BTC price corrected upward but was repelled at the $39,000 high. In a nutshell, Bitcoin is fluctuating between $33,000 and $39,000 price levels. Today, the largest crypto is trading at $36,681 as of press time.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the bulls’ action by buying the dips, the market rallied to $39,000 after breaking the initial resistance at $37,000. The upward correction could not continue as sellers intervene to stop the bullish move. If buyers were successful, they would have broken above the $40,000 resistance level. This would have propelled BTC’s price to reach the high $44,000. Today, the rejection has caused Bitcoin to fall and the bears will use the advantage to sink BTC price to the downside. On the downside, if the bears break the $33,000 support, the market will decline to the low of $30,000. In the meantime, Bitcoin is fluctuating between $33,000 and $39,000 price levels.
NFL Star, Odell Beckham Junior’s Bitcoin Salary with Tax Payment Barriers
Odell Beckham Junior’s BTC salary payment gives a clear warning to those wishing to receive their income in Bitcoin. On November 12, 2021, Beckham signed a one-year contract with the Los Angeles Rams worth $750,000. He announced that he would be receiving 100% of his $750,000 yearly salary in Bitcoin. At the time of pronouncement, the BTC price was around $69,044. Two days after he had signed the Rams deal, Bitcoin dropped by 46% from that high which is worth $36,972.
According to the Rams deal, the entire salary is now worth only $413,000 compared to the original income of $750,000. From every indication, the crypto investors have to pay tax on the amount of it’s worth when it was received, not what it’s worth when they lodge their tax return. For the tax payment, Federal and State taxes have a cumulative rate of 50.3%. Beckham will only have earned $35,000 over the past two and a half months, which is equal to 1 BTC. However, Beckham would have received $90,000 if he had agreed to take his salary in fiat currency.
Nevertheless, after the retracement, the BTC price is hovering above the $36,000 support as Bitcoin faces rejection at $39K. Nonetheless, if the downward move has continued unabated, the market will decline to the $30,000 psychological price level.
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