Bitcoin price next move could be up as Thailand looks to attract many BTC traders like Dubai


  • Bitcoin price winds around the 50-day SMA as it casts out for the next directional bias.
  • BTC could make a 5% climb to $46,000 if the bulls have their way as technical indicators favor the upside.
  • A break and close below $41,880 would invalidate the bullish supposition.

Bitcoin (BTC) price is working out its next direction, steadily intertwining along the Simple Moving Average. While technical indicators lean in favor of bulls, BTC has ignored an important bullish fundamental from a country in southeast Asia on the Indochinese Peninsula.

Also Read: Bitcoin price sustains uptrend as Chinese investors stampede out of local market in favor of US-focused ETFs

Thailand promotes BTC and digital assets in general

A report on the Bangkok post shows that Thailand has removed the 7% value-added tax (VAT) that had been imposed on Bitcoin and cryptocurrency trading. The news follows a directive from the country’s Finance Ministry, noting that it has exempted VAT on digital asset trading in a bid to propel Thailand toward becoming a digital asset hub.

Specifically, the Secretary to the Finance Minister, Paopoom Rojanasakul, said the ministry is looking to promote digital assets as a new alternative tool for fundraising. With this, brokers and dealers will be exempted from the tax, much like some authorized digital exchanges. The Thailand Securities & Exchange Commission (SEC) will oversee this.

Authorities echoed the executive’s statement, saying the move would not only support the growth of the digital asset industry in Thailand but also provide the necessary boost to facilitate the country's digital economy in the near future.

All income derived from cryptocurrency and digital token trading was previously liable for a 7% tax. With this move, Thailand follows the likes of Dubai, which streamlined regulations to favor crypto adoption. Per the report, the VAT exemption is effective on January 1, 2024, without an expiration date.

Nevertheless, Rojanasakul called the government’s attention to the need to ensure the stability of the country’s financial system even as it harnesses its development potential.

Bitcoin price casts about for directional bias

Bitcoin price is trading horizontally, winding around the 50-day SMA at $42,962. As markets tend not to wait for so long, a damp consolidation coupled with volatility contraction followed by expansion could see Bitcoin price make a bold move soon.

Technical indicators show the odds favor the upside, with the Relative Strength Index (RSI) holding above 50. The Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) both lie within positive territory, flashing green histogram bars. This points to an incoming bullish cycle.

If Bitcoin price overcomes the blockade due to the 50-day SMA, confirmed by a move above the $43,750 roadblock, the $46,000 psychological level would come into focus. Such a directional bias could see BTC test $48,000 soon, or in a highly bullish case, hit $50,000. This would constitute a nearly 15% gain above current levels.

BTC/USDT 1-day chart

On the other hand, a break and close below the $41,880 support level on the daily time frame would invalidate the bullish thesis. The fall could extend to the confluence between the 100-day SMA and the horizontal line at $40,650. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP