BTC price rises 5% after U.S. Congress passes new $ 900 million stimulus package

Bitcoin (BTC) price hit highs above $ 23,500 on December 22nd as weakness reversed on Monday and the bulls challenged previous levels.

BTC price at 5.2% daily profit

Data from Cointelegraph Markets, Coin360 and TradingView showed this The BTC / USD pair was back in losing positions over the weekend, topping $ 23,625 at press time.

After falling to $ 21,800 on Monday, the markets set a different tone on Tuesday. Bitcoin is gaining more than 5% and adding $ 1,200 in just six hours.

BTC / USD (Bitstamp) hourly chart. Source: TradingView
BTC price rises 5% after U.S. Congress passes new $ 900 million stimulus package
BTC price rises 5% after U.S. Congress passes new $ 900 million stimulus package

The Macro Factors in Support of the Bitcoin Petition The United States Congress passed a coronavirus stimulus package worth $ 908 billion.

“Another $ 900 Billion Ad for Bitcoin”summarized Tyler Winklevoss, Co-founder of the Gemini Exchange, after the vote.

The Order data from the heatmap showed that Selling pressure at $ 24,000 and ultimate resistance at $ 25,000 kept the prospect of a stronger rally towards new all-time highs somewhat daunting.

Bitcoin buying and selling levels on exchanges as of December 22nd. Source: material indicators

At the same time, Cointelegraph Markets Analyst, MichaĆ«l van de Poppe warned that a drop below $ 20,000 would not be “surprising” under current conditions.

“People are focused at $ 19,500 right now, and I think this is a very critical level, but I wouldn’t be surprised if it went down from $ 19,500 to $ 18,500 to liquidate everyone who have been in this field for a long time, “he summarized. a video update on Tuesday.

MicroStrategy CEO: Last week’s uptrend was triggered by “other guys”.

Meanwhile new comments from Michael Saylor, CEO of MicroStrategy, raise questions about the theory that the company’s huge Bitcoin purchases were responsible for the uptrend last week.

Speaking on the Funky Crypto Podcast, Saylor said that your purchases were made in high-frequency batches of $ 1,000-2,000, and not a flat rate.

“I was not a green candle. The green candles were of a different kind.”uncovered.

These “other types” may not yet be publicly known, depending on Rafael Schultze-Kraft, CTO of the chain monitoring resource Glass knot. In one Series of tweets Monday, Schultze-Kraft argued that the big buyers MicroStrategy, Grayscale and others are nowhere near the only ones packing their bags.

“Do you really think they are alone? Of course not,” he wrote.

“Expect a lot more movement. They come … gradually and then suddenly.”

Similar Posts