Analysts see the cryptocurrency's price as remaining range-bound.
The market is holding that price floor well as large investors return.
“After this eight-day rally, bitcoin may well need to reset,” one analyst said.
Lower support is seen around $34,000-$36,000, which is the middle of a two-month range.
Analysts expect bitcoin to pause at around $40K before its next leg up.
The Israeli Bitcoin Association is opposing the proposed reporting requirement, calling it discriminatory.
The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22.
Industry insiders say the medium-term outlook for the crypto market is positive, even if sentiment is not.
Lower support near $36K could stabilize a pullback.
Ripple's xRapid cross-border payment service allows customers to transfer funds using XRP, making transactions faster and cheaper.
Ether outperformed bitcoin in terms of volume growth and price performance.
Technical data suggests lower support around $34,000 could stabilize the current pullback.
The recent spike in trading volume could signal that when there’s a market move, interest and activity quickly return.