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Bitcoin and Ethereum plunged late yesterday but then managed to recover their positions. For now, the bears still have more strength than the buyers, but this may only be temporary, until Donald Trump finally decides on trade tariffs and duties, and the turmoil in the stock market settles down.
In the meantime, Trump has taken another step toward regulating the digital asset market. Representative Mike Carey announced yesterday that President Trump signed a resolution to repeal the controversial IRS rule on cryptocurrencies. This move was expected, given that the White House referred to the rule as "midnight madness" in the final days of the previous administration. The rule set requirements for "custodial brokers" to collect and report user data to the IRS.
According to the lawmaker who introduced the measure, President Donald Trump signed a resolution repealing the controversial crypto tax rule that had been developed during the final stretch of the Biden administration.
Earlier this year, Republican Senator Ted Cruz of Texas and Representative Mike Carey of Ohio introduced a joint resolution to overturn the rule, which imposed obligations on "custodial brokers" to gather and report user data to the tax agency. Carey, who was present at the signing on Thursday, stated that this is the first-ever signed legislation on cryptocurrency.
"By repealing this misguided rule, President Trump and Congress have given the IRS the opportunity to refocus on its existing responsibilities to American taxpayers, rather than creating a new layer of bureaucratic hurdles," Carey said in a statement.
Notably, the Senate voted to repeal the rule back in March, followed by the House of Representatives. The measure then returned to the Senate due to its budgetary implications. The vote received some Democratic support, including from Senate Minority Leader Chuck Schumer, although most of the backing came from Republicans.
Trump's signature will officially end the IRS's rulemaking activity related to brokers, which is expected to have a positive impact on the cryptocurrency market and its new participants.
Technical outlook for Bitcoin
Buyers are currently aiming to reclaim the $81,500 level, which opens a direct path to $82,400. From there, it's a short leap to $83,430. The furthest target is the high near $84,700—breaking above it would signal an end to the bear market. In the event of a decline, buyers are expected to appear around $80,500. If the trading instrument falls back below this zone, BTC could quickly drop to the $79,400 area. The lowest target is $78,200.
Technical outlook for Ethereum
A clear consolidation above the $1,570 level opens the way to $1,617. The ultimate target is the high around $1,655—breaking through it would mark the end of the bear market. If Ethereum falls, buyers are expected near $1,523. A drop back below this area could quickly send ETH down to the $1,472 zone. The furthest target is $1,430.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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