• Threat of rising inflation underpins the uptrend of the Crypto market.
• Robert Kiyosaki, the highly successful author tweets Bitcoin is part of the path to “financial heaven.”
• A bill introduced by A bipartisan group of U.S. House representatives favors the crypto currency.

Bitcoin edged higher against the greenback during Friday Asian session. Choppy trading conditions leads to uncertainty among investors, and many invest in the less volatile assets during the early phases of a tightening cycle (rising interest rates). And the threat of rising inflation might force central banks to drain liquidity from financial markets, which has underpinned the rise in cryptos over the past year. Meanwhile, Traders typically overweight bitcoin because of its lower risk profile relative to alternative cryptocurrencies (altcoins).

A bill introduced by US favors the Oldest cryptocurrency. A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200.

According to a Tuesday draft of the Virtual Currency Tax Fairness Act of 2022, Washington Representative Suzan DelBene is seeking to amend the Internal Revenue Code of 1986 to exclude gains from certain personal transactions of virtual currency. If signed into law, the bill could stop the Internal Revenue Service, or IRS, from requiring U.S. filers to pay taxes on capital gains from crypto transactions of $200 or more.

Recent Tweet from Robert Kiyosaki also underpins the bullish trend of Bitcoin. Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has suggested that the flagship cryptocurrency bitcoin ($BTC) is part of the path to “financial heaven,” along with precious metals gold and silver.

He tweeted “There are a million paths to financial heaven and a billion paths to financial hell.” Fed and Treasury destroying the dollar sending   billions of $ savers & uninformed to financial Hell. Go to financial heaven. Save gold, silver, & Bitcoin.”

It is worth noting that the government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country. This rejection also helps the Bitcoin.

BTC/USD 4 Hour Chart:

Support: 36406.9 (S1), 35861.0 (S2), 35453.9 (S3).

Resistance: 37360.0 (R1), 37767.1 (R2), 38313.0 (R3).

Amidst all the catalysts favoring the Bitcoin against the US dollar, we expect a bullish trend for BTC/USD.