Bitcoin: What to expect?

• Early this morning, during the Asian period, the price of bitcoin jumped from $ 30,000 to $ 31,500.
• The mayor of Australia’s Gold Coast has suggested that city residents may be paying municipal rates or local property taxes in bitcoins.

Bitcoin chart analysis

Early this morning, during the Asian period, the price of bitcoin jumped from $ 30,000 to $ 31,500. During the European period, the price managed to consolidate at that level and is now leaning again on the bullish side for a potential continuation. Our first target is the $ 32,000 previous high from May. The May high is at $ 32,480. Bitcoin could recover rapidly if the dollar index consolidates at the current level and begins to weaken this week. For the bearish option, we need negative consolidation and a pullback below $ 31,000. After that, the price of bitcoin returns to the zone of previous lateral consolidation between the level of 29000-31000 dollars.

Market overview

The mayor of Australia’s Gold Coast has suggested that city residents may be paying municipal rates or local property taxes in bitcoins. Critics have expressed concern that cryptocurrency price volatility could lead to large fluctuations in local council revenues.

Mayor Tom Tate said the Gold Coast City Council is open to considering Bitcoin as a payment option for council tariffs and other services. This move comes because the city wants to embrace new technologies.

Gold Coast residents can expect their rates to rise by at least 4% when the city announces its annual budget on June 14. However, Gold Coast Mayor Tom Tate announced that the city would hire a private sector chief investment officer to promote “innovation” and explore “joint ventures” on public property. He stated. He added that this move sends a signal that they were innovative and brought a younger generation that is still in the research phase.

According to ABC News, Adam Poulton of Blockchain Australia said the Council would need to assess its risk appetite before considering cryptocurrency as a payment method.

Blockchain Australia welcomed the development, and Chairman Adam Poulton noted that the crypto is “just another form of money” and has an exchange rate pegged to the Australian dollar. He further said that with “a little software, some applications can accept bitcoin as payment.”