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Optimism (OP) price is relatively ahead of other altcoins in terms of recovery and could lead the rest of the pack. The bullish outlook can be seen across different momentum indicators. Optimism (OP) price retraced to the $1.21 support level after a 38% ascent between June 19 and 21. Due to the massive bullishness, the pullback is likely to serve as an opportunity for sidelined buyers.

Additionally, the Momentum Reversal Indicator (MRI) flashed a greenone buy signal on the four-hour chart, suggesting a potential trend reversal. This technical formation, the buy signal, forecasts a one-to-four up candlesticks for OP.

Bitcoin (BTC) price seems to be edging closer to ending its ongoing sideways movement. This development comes after BTC swept this week's lows, suggesting that a potential rally in the opposite direction is likely not just for the big crypto but also forEthereum (ETH), Ripple (XRP) and other altcoins.

Bitcoin (BTC) price remains still after its 26% ascentsince June 15. After its recent uptick, BTChas set up a new high at $31,430 after taking outthe previouslocal top at $30,968. The Relative Strength Index (RSI) has flipped above the mean line at 50, and the Awesome Oscillator (AO) has produced a green histogram bar above the zero line. This development is a clear sign that bullish momentum is on the rise.

US President Joe Biden said Wednesday that loopholes in crypto taxation will be eliminated for traders and hedge fund managers, adding to previous comments from his administration that point to new taxation rules against crypto wash trading.

President Biden addressed the loopholes in the existing tax system and commented on changes for crypto traders on Wednesday in a speech in Chicago while presenting its economic plan. According to a transcript published by the White House, the US President said:

Were going to make [the federal tax system] fair by eliminating loopholes for crypto traders, hedge fund managers.

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Cryptocurrencies Price Prediction: Optimism, Ethereum & Bitcoin European Wrap 29 June - FXStreet