According to Glassnode, a large amount of bitcoin supply has been accumulated between the $38,000 and $45,000 price range, as reported by CoinDesk’s Damanick Dantes in Market Wrap.
It’s what underpins this fancy new machine, which has over $100 billion in value currently locked in.
Crypto derivatives trading – which pumps through hundreds of billions of dollars a day in volume – is also subject to the usual capital gains tax, too.
Crypto has naturally gravitated to hubs like Singapore because of the lack of capital gains tax.
But despite this discouragement, the lack of capital gains tax still exists and anyone that wants to trade can go right ahead.
Bitcoin returned above $40,000, which is the midpoint of its three-month long price range.
The relative strength index on intraday charts is approaching overbought levels, similar to what occurred in late-March, which preceded a pullback in price.
For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact.
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