Bitcoin analysis for 07/01/2019

The US retailer Overstock.com announced that it will pay some of its business taxes in Ohio with Bitcoin. Overstock will cover business taxes (CAT) in Bitcoin using the recently launched taxpayer platform using cryptocurrency, OhioCrypto.com.

The company's CEO and founder Patrick Byrne - a longtime cryptography enthusiast - said in the announcement that the government's adoption of cryptocurrencies and other emerging technologies, in the company of friendly regulations, is the best way to ensure that the United States does not lose its place in the forefront of a constantly evolving global economy.

Ohio in November became the first US state to accept Bitcoin as a method of paying taxes. Ohio State Treasurer Josh Mandel said in an interview that the state could go beyond Bitcoin and accept other cryptocurrencies.

In a recent business magazine interview, Mandel repeated this post, revealing also that Ohio is planning to introduce cryptographic payments to all taxpayers by 2020. In 2014, Overstock became the first large company to accept Bitcoin as a result of cooperation with the Coinbase exchange.

Recently, Byrne announced that by February 2019 retail sales of Overstock part to focus on Blockchain technology. Previously, the entrepreneur has already sold 10 percent of his shares - a total of over USD 20 million - to invest in a subsidiary company Overstock focused on Blockchain, Medici Ventures.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from 50% Fibo and broke above the technical resistance at the level of $3,850 and recently one big up candle has broken above the level of $4,000. Currently, the market is consolidating the gains around this level as it traders in a very tight zone between $,4060 - $3,980. The next target for bulls is seen at the level of $4,200 (swing high) and $4,230 ( technical resistance). The momentum remains positive, which supports the short-term bullish outlook.

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The material has been provided by InstaForex Company - www.instaforex.com