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Bitcoin continues its steady crawl toward the all-time high of $109.5K. And while it hasn’t quite reached that milestone yet, it did achieve something something else. For the second time in just three days, Bitcoin set a new all-time high—not in price, but in closing strength, with the highest-ever daily candle printed at $106.6K. That puts BTC just 2.5% shy of its ATH.
Sentiment has cooled slightly, now sitting at 70, while Bitcoin dominance continues to rise, marking seven consecutive days of growth. This increasing dominance reinforces Bitcoin’s leadership in the current market cycle.
Could Bitcoin Become Capital Gains Tax-Free in Australia?
A court case in Perth has stirred up debate around how Bitcoin should be taxed in Australia. In this case, a Perth magistrate ruled that Bitcoin was “used like money”, rather than being treated as property—a key distinction with potential tax implications.
Currently, under the ATO’s guidelines since 2014, Bitcoin is classified as property, making it subject to capital gains tax (CGT) when sold or exchanged. But if it were to be officially recognised as a foreign currency or legal tender, similar to the Australian dollar, then CGT would not apply—just like it doesn’t when you convert or use foreign currency.
However, there are a few caveats. This ruling came from a magistrates’ court, which sits relatively low in Australia’s legal hierarchy. It doesn’t create a binding precedent. It also doesn’t change tax law, as the Australian Tax Office (ATO) ultimately decides how assets are treated for tax purposes. So for now, Bitcoin is still subject to CGT.
That said, this ruling could set the stage for future legal challenges and may increase pressure on the ATO to reassess Bitcoin’s classification, especially as the asset becomes more widely adopted.
Let’s be honest, though—this is Australia. After recently deciding to tax super balances over $3 million, it would be wishful thinking to expect the government to voluntarily remove CGT from an asset that has generated so many profits for investors.
Still, this case opens the door to a bigger legal and regulatory conversation—one that may eventually reach higher courts and force a broader rethink of Bitcoin’s status under Australian tax law.
Stormrake Spotlight: Bittensor (TAO) ($415)
Stormrake Spotlight: Bittensor (TAO) ($415)
TAO is now using both the 200 SMA and the 21 EMA as support, closing above both moving averages for the past two days. This is a strong technical signal.
If daily closes continue above these levels, we can reasonably expect further upside. However, any sustained close below these averages would likely lead to another retest of the $390 support zone—a key structural level.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin continues to push higher, reaching a recent peak of $107.3K—its highest level since 24 January. This latest rally was fuelled by a solid bounce from the $104K support, a level that proved crucial during last night’s trading.
The overall bullish structure remains intact, and we expect the 21 EMA and 55 EMA to continue acting as dynamic support zones as BTC grinds higher.
BTC Total ETF Flows for 20 May: $ + 41.7 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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