Bitcoin is still recovering from the 50% crash from its all-time high ( $69K) in November 2021. Recently, the price has rebounded from the $33K level, breaking a major bearish trendline and crossing the psychological resistance at $40K. After technical indicators reached their most oversold levels since March 2020, upward momentum is picking up. At press time, BTC was trading approximately $41,934.54, down 1.07% in the previous 24 hours.

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Buyers would need to make a significant move over $42,000 to reverse the price decline that has occurred from the November top of approximately $69,000. Brief rallies have been limited below resistance levels in recent months, indicating that sellers have been in charge.

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However, bitcoin may experience more gains in the short term, especially given the relative strength index (RSI) is not overbought on the daily chart. The next level of resistance is around $45,000, which may put a halt to the current advance.

Bitcoin fear and greed index on Monday, February 14, 2022, went from the fear level of 44 to the level of 46 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $41,934.38, down 0.95%. In the last 24 hours, the highest it touched was $42,693.05 and the lowest was $41,681.96. Bitcoin has a current market cap of $794,875,687,041. It has a circulating supply of 18,957,643.00 BTC coins and a maximum supply of 21,000,000 coins.

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UBS, Switzerland’s largest bank, expects that US cryptocurrency legislation will take time

The largest bank in Switzerland, UBS, published its view on U.S. crypto legislation Friday after the House of Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week. The Swiss bank’s U.S. Office of Public Policy explained that at the hearing, a senior Treasury official discussed recommendations made in a stablecoin report issued by the Department of the Treasury and other regulators. “To fill in regulatory gaps and address financial stability concerns, the regulators would like Congress to develop legislation that regulates stablecoin issuers as banks,” the UBS team detailed, noting that this proposal has received pushback from some lawmakers. The Federal Reserve also made it clear in its recent central bank digital currency (CBDC) report that it would like direction from Congress before proceeding with a digital dollar.

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India Union Minister Clarifies Legal Status of Cryptocurrency

Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly. Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that cryptocurrency is not legal in India. He told reporters that both the government and the central bank, the Reserve Bank of India (RBI), have not given any recognition to cryptocurrencies, therefore they are not legal in India right now. However, he is not saying that the legal status of crypto will remain this way, emphasizing that what happens in the future regarding its legal status cannot be said at this time.