Usman Salis
⬤ Bitcoin is currently trading near $103,576, stuck between resistance around $106,000 and support near $98,150. Recent analysis suggests that "Even if we pump to $106,000 – $108,000 it will be met with caution." The chart shows BTC consolidating after a steep drop, with Elliott Wave-style labels pointing to an ongoing correction rather than a confirmed reversal. Adding to the tension, a new crypto tax proposal is on the table that would require enhanced reporting for high-value digital asset transfers. Industry voices worry this could raise compliance costs, push smaller players out of business, and send talent fleeing to friendlier regulatory environments.
⬤ The proposal comes at a delicate moment for Bitcoin. While BTC may attempt a short-term rally toward the $106,000–$108,000 zone, traders aren't convinced. The resistance line visible on the chart has been holding price down in the current structure, and regulatory uncertainty isn't helping. Even with strong institutional inflows, the market remains hesitant—structural corrections and policy debates are keeping risk appetite in check.
⬤ This defensive stance reflects broader market behavior. Despite significant capital flowing into Bitcoin products, traders are still recalibrating after the recent steep decline. The tight consolidation following the drop suggests the market isn't ready to commit to a new leg higher just yet.
⬤ All eyes are now on whether Bitcoin can break above $108,000 and shift momentum. Until that happens, caution dominates—both on the charts and in response to potential regulatory changes that could impact liquidity and trading activity in the weeks ahead. For now, the bulls need to prove themselves before sentiment truly shifts.
Usman Salis
