With the new 2 Trillion stimulus agreement reached in Congress, Bitcoin had a remarkable rise in price yesterday. The equities market loving the idea of the agreement rose a whopping 11%, the single largest rise since 1933. Upon the announcement Bitcoin rose to $6700 USD per coin, but at the time of this post it’s hovering around $6600.
According to a report in CoinTelegraph there maybe good news coming for Bitcoin holders.
On the daily timeframe, the MACD histogram shows increasing momentum and the Chaikin Money Flow oscillator (CMF) is also above 0 and rising in tandem with the price. As Bitcoin price works its way toward setting a high above $6,905, the 61.8% Fibonacci retracement level ($7,088) is likely to be a challenging resistance level to overcome.
If this patterns hold true, Bitcoin could see an eventual increase back into the $7,000 USD+ range! For those who held on to their bitcoin this can be a welcomed sign. Potential investors will also be looking to pickup a few bitcoins as well if the trend holds.
What’s your take on the impact the 2 Trillion stimulus bill has made on Bitcoin? Will it be able to sustain or are we waiting for the inevitable drop based on the current economic climate? The Coronavirus numbers are still rising and even with a stimulus package it may not be enough to keep the economy “booming”. If you have any specific feedback, be sure to leave in the comments below.