BTC/USD is trading at $57123.8, 0.17% up since previous day close. An upside resumed in Bitcoin making an engulfing bullish candle with higher levels of $58K. Earlier in a week, the BTC/USD slid down till $52000 as investors remain cautious towards crypto trading with a concern over rising taxation rate in U.S. Also, the major Altcoins like Ethereum & Dogecoin outshined the Bitcoin rally which forces traders to shift their funds more to Altcoins. Last week, the BTC/USD moved down after U.S President Joe Biden proposed to raise the taxation rate to 40% for the wealthiest Americans to meet the social expenses. Buying on corrective dips may be suggested for the day in BTC/USD.

BCH/USD is trading at $1351.89, 0.32% up since the previous day close. A strong breakout can be seen in Bitcoin Cash (BCH) above $1000 mark as Altcoins are outweighing the Bitcoin momentum amid an increase in awareness & investment options apart from other global instruments. Making digital currencies as a payment option by many western companies further boosted the prices. Uncertain equity markets amid rising inflation fear raise the investment in digital assets. Earlier, the U.S Biden proposed to raise tax rate for the wealthiest Americans to 40% which dragged down the BCH/USD to some extent. Strong buying on retracement may be recommended for the day in BCH/USD.