Bitcoin’s Rally Becomes Imminent As More Proposals for It Becoming a Legal Tender Are Made

A bill to make Bitcoin legal tender in the US was just put out by Senator Wendy Rogers. Senator Wendy Rogers is a senator in the US Senate. She has been an advocate for the legalization of cryptocurrency for the past few years. She asserted that Bitcoin ought to be regarded as a type of legal tender comparable to U.S. dollars. It is not surprising that numerous measures are already urging the regulation of cryptocurrencies, especially Bitcoin, to make them a recognized form of currency.

This sudden increase in proposals was probably brought on by the growing number of nations that now recognize Bitcoin as legal cash. In essence, the more Bitcoin is recognized as a legitimate means of payment, the more its value will rise. If Wendy Rogers’ bill is approved by the Senate, BTC may experience a sharp increase as a result of the influx of investors who may decide to use it as a haven or a method of investment.

Key Bitcoin Levels To Watch – January 29

Even though it appears that BTC buyers are currently getting opportunities, the market’s general direction is still bearish. More bears entered the market using the mitigating block that was formed at the consolidation’s low.
It appears that BTCUSD is moving upward toward the consolidation zone, as shown by the Moving Average. Before the market’s decline resumes, BTCUSD might wind up retesting the consolidation zone.

Bitcoin Key Levels

Resistance Levels: $28800.00, $48240.00, $32933.30

Support Levels: $21478.00, $15460.00, $12486.60

Total Market Capitalization: $1.06T
Bitcoin Market Capitalization: $449
Bitcoin Volume: $16.67B
Market Rank: #1

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