Bitcoin Holds Strong Above $104K as Leaders Demand Tax Reform

• Bitcoin maintains a bullish trend by holding the key $104,500 support level.
• U.S. lawmakers urge tax reform to boost crypto mining competitiveness.

Bitcoin continues to trade above a key support level, reinforcing a bullish weekly trend. Bitcoin (BTC/USD) is holding firm above the $104,500 level, a crucial support zone for maintaining bullish momentum. 

According to trader Crypto Tony, this level serves as a foundation for the current upward structure. Bitcoin is trading at $107,760, up 1.94% on the day, after rebounding from a recent low of $104,080.

The weekly chart shows price consolidation between $110,000 and $115,000 following a strong rally. Two earlier breakout points, $95,000 and $72,000, continue to act as major support. 

Analysts note that Bitcoin’s ability to form higher highs and higher lows keeps the uptrend intact as long as $104,500 holds.

Resistance Levels Cap Upside Potential

While bullish momentum continues, immediate resistance is seen at $112,115. A move above this level could lead to further gains and possibly new quarterly highs. Until then, Bitcoin remains range-bound between $104,000 and $112,000.

The Relative Strength Index (RSI) stands at 55.61, showing stronger bullish pressure, while the RSI average is 51.26. Trading volume remains steady at 1.51K BTC, reflecting consistent market interest. These indicators point to healthy market conditions, with buyers defending key levels.

U.S. Lawmakers Demand Tax Reform for Bitcoin Mining

Coincryptonews recently highlighted that the Policy discussions are unfolding alongside market action. Senator Cynthia Lummis has raised concerns over double taxation on Bitcoin miners and stakers. She stated they are taxed both when they receive block rewards and when they later sell them.

MicroStrategy’s Michael Saylor supported Lummis’ stance, urging lawmakers to eliminate what he called an unfair tax policy. He stressed that ending double taxation is critical if the U.S. wants to lead in Bitcoin innovation.

Both figures are pushing for urgent tax reform to support crypto growth in the U.S. Their statements reflect growing industry pressure for a more supportive regulatory framework that aligns with the evolving digital asset economy.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.