Bitcoin Price is Up 13.6% Since Tax Season Came to an End

BITCOIN
Bitcoin Price is Up 13.6% Since Tax Season Came to an End
RICARDO ESTEVES | APRIL 21, 2018 |

Bitcoin is performing well in the market today as it tests the $9,000. The newfound bullish momentum is not a surprise for Fundstrat Global Advisors analyst Tom Lee, who said that tax filings were bringing the cryptocurrency market down and ‘Tax Day’ would eventually trigger an upside move for the bitcoin price.

Bitcoin Reaches $9,069 As Sentiment Improves
The bitcoin price has been steadily rising since April 12 after being buoyed at the $6,500-$7,000 range. The number one cryptocurrency by market cap is up by nearly 40 percent from the April lows as it has already crossed the $9,000 line to print a high at $9,069, according to TradingView.

Tom Lee, head of research at Fundstrat Global Advisors, had previously explained that the tax liability of the massive capital gains obtained by cryptocurrency investors last year was behind the downward market pressure as holders of Bitcoin et al were cashing out to pay taxes.