• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Gains as US Lawmakers Reach $900bn Stimulus Deal; What’s Next?

December 21, 2020
in Bitcoin
Reading Time: 3min read
Bitcoin Gains as US Lawmakers Reach $900bn Stimulus Deal; What’s Next?




Traders continued to keep the Bitcoin bid higher on Monday as the US lawmakers reached a deal on the second coronavirus stimulus package.

The BTC/USD exchange rate surged to an intraday high of $24,072 in the early morning Asian session. Meanwhile, futures linked to the Bitcoin spot market also climbed to as high as $24,210, pointing to higher purchases of call contracts, further reflecting traders’ extended bullish bias for the flagship cryptocurrency.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Futures were trading in positive territory on Monday. Source: BTCUSD on TradingView.com

Stimulus

US Congressional leaders finalized a deal on a nearly $900 billion stimulus package that includes relief for small and medium-sized businesses and direct payments for American households suffering economically amid the coronavirus pandemic. The deal will also aid people who have lost their jobs due to lockdown restrictions.

The US dollar gained 0.13 percent against its major peers after crashing to its two-year low last week. Its recent rebound appeared as a form of a short-term technical correction, confirmed by a strong rejection at its intraday high of 90.13 earlier Monday. That further raised Bitcoin’s potential—which typically trades inversely to the dollar—to continue its uptrend.

Another $900 billion in stimulus! Time for #Bitcoin to skyrocket.https://t.co/ohvQ16LXyD

— The Moon 🌙 (@TheMoonCarl) December 21, 2020

Bitcoin Technical Outlook

On a four-hour (4H) chart, the Bitcoin price painted what appears to be a half-made Rising Wedge channel.

The bearish reversal pattern emerges as an asset trades inside a set of converging trendlines, forming higher highs and higher lows as it trades north. But as it closes towards the structure’s apex—combined with decreasing volumes—the price ultimately falls by as much as the maximum height between the upper and the lower trendline.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin’s Rising Wedge pattern illustrated. Source: BTCUSD on TradingView.com

The current Bitcoin outlook partially confirms the Rising Wedge. At best, the cryptocurrency could climb to as far as $25,000 in the coming sessions, only to correct later by more than $1,600. Nonetheless, the current projection would still refrain from dampening Bitcoin’s long-term bullish bias, now dictated by institutional capital.

It is visible in the updates over the last two weeks. Public-traded firm MicroStrategy increased its Bitcoin reserves to $650 million worth. Insurance giant Mass Mutual invested $100 million into the cryptocurrency. Investment firm Ruffer Management bought $745 million of it as well.

Meanwhile, Guggenheim’s CIO Scott Minerd gave a $400,000 forecast for Bitcoin. Jefferies’ Christopher Wood amended his long-only asset allocation recommendation for pension funds cutting gold to 45 percent from 50 percent and initiating a 5 percent position in the cryptocurrency.

That shows that any technical dip that may follow later will likely attract more buyers.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 900bnBitcoindealGainsLawmakersReachStimuluswhats
Next Post
A Slowing of Grayscale Bitcoin Fund Inflows Could Prompt Price Correction: JPMorgan

A Slowing of Grayscale Bitcoin Fund Inflows Could Prompt Price Correction: JPMorgan

Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US

Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US

Don't Miss

Top 4 Cryptocurrency Investing Tips for Beginners | Warning to all NEW Crypto Investors in 2021
Cryptocurrency Videos

Top 4 Cryptocurrency Investing Tips for Beginners | Warning to all NEW Crypto Investors in 2021

by Lascena Cryptocurrency News Education
February 24, 2021
0

What is the best advice for bitcoin and cryptocurrency trading? What is the best Cryptocurrency to buy right now? Today...

Read more
How To Stake Nervos CKBytes | CKB DAO Tutorial

How To Stake Nervos CKBytes | CKB DAO Tutorial

February 24, 2021
5% Of Bitcoin Supply Expected To Be Used As Collateral By 2023

5% Of Bitcoin Supply Expected To Be Used As Collateral By 2023

February 24, 2021
MicroStrategy buys another $10 million of Bitcoin, and it’s now sitting on over $2 billion in BTC

MicroStrategy buys another $1 billion worth of Bitcoin

February 24, 2021
7 MONEY TRUTHS I WISH SOMEONE HAD TOLD ME SOONER

7 MONEY TRUTHS I WISH SOMEONE HAD TOLD ME SOONER

February 24, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$48,884.002.71%
  • ethereumEthereum(ETH)$1,595.335.51%
  • Binance CoinBinance Coin(BNB)$242.7210.49%
  • tetherTether(USDT)$1.00-0.26%
  • cardanoCardano(ADA)$1.029.96%
  • PolkadotPolkadot(DOT)$32.71-1.60%
  • rippleXRP(XRP)$0.461099-2.05%
  • litecoinLitecoin(LTC)$177.333.54%
  • chainlinkChainlink(LINK)$27.4812.31%
  • bitcoin-cashBitcoin Cash(BCH)$514.822.11%