{"id":4967,"date":"2020-10-10T02:00:43","date_gmt":"2020-10-10T02:00:43","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=446000"},"modified":"2020-10-12T08:12:55","modified_gmt":"2020-10-12T08:12:55","slug":"us-stimulus-could-ignite-bitcoin","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-stimulus-could-ignite-bitcoin\/","title":{"rendered":"Renewed U.S. Stimulus Discussions Could Ignite an Explosive Bitcoin Rally"},"content":{"rendered":"

Bitcoin\u2019s price has been fairly stagnant as of late, remaining stuck within its macro trading range between $10,200 and $11,200. It is now pushing towards the upper boundary of this range and may soon be able to rally past it.<\/p>\n

If this level is broken in a sustainable move, it could indicate that serious upside is imminent for BTC, as it has acted as a crucial resistance level for nearly a month now.<\/p>\n

While looking at Bitcoin<\/a> (BTC’s price) in isolation, the cryptocurrency is expressing strength on both a technical and fundamental front.<\/p>\n

This latest upswing came about due to Square\u2019s announcement regarding their purchase of $50 million worth of BTC to be held as a reserve asset.<\/p>\n

This news renewed investor sentiment in BTC’s price and indicates that this could become a growing trend amongst other public companies that are looking to guard their capital against imminent inflation.<\/p>\n

Now, external forces may also boost Bitcoin\u2019s bull case, as the government is seemingly making progress on another stimulus package for U.S. citizens, which could ignite a massive bitcoin’s price stock market rally that creates a tailwind for BTC.<\/p>\n

One analyst is betting on this being the case.<\/p>\n

Bitcoin Breaks $11,000 as Technical Strength Builds<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just over 1% at its current price of $11,050, which is around where it has been trading throughout the entire day.<\/p>\n

The cryptocurrency\u2019s strength has been significant and has primarily come about as a result of speculators betting on Square\u2019s decision to buy Bitcoin kickstarting a trend amongst other multi-billion-dollar companies.<\/p>\n

The crypto still has some serious resistance it faces around $11,200. A failure to break above this level would lead to serious downside.<\/p>\n

Traditional Markets May Lift BTC’s Price Higher<\/strong><\/h2>\n

The global markets are trending higher today on renewed hope of a second round of stimulus, which has been held up by political quarreling.<\/p>\n

A Wall Street Journal reporter spoke about the potential deal that is coming down the pipeline, stating<\/a>:<\/p>\n

\u201cNEWS: Mnuchin is preparing to present Pelosi with a $1.8 TRILLION counteroffer when the two speak today\u2026 Kudlow said this morning POTUS has approved an offer.\u201d<\/p><\/blockquote>\n

One analyst believes<\/a> that this will help guide Bitcoin higher in the days ahead, should the traditional markets continue rising.<\/p>\n

\u201cLegacy looks good, BTC has been trending bullish since Thursday. I am actively scalping, favouring longs until market conditions change. Think we go higher, suspect a rocky road.\u201d<\/p><\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of SalsaTekila. Chart via TradingView<\/a>.<\/pre>\n
If the potential stimulus package that is lifting the traditional markets higher falls through, it could place some serious pressure on Bitcoin<\/a>.<\/p>\n
Featured image from Unsplash.\nCharts and pricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin’s price has been fairly stagnant as of late, remaining stuck within its macro trading range between $10,200 and $11,200. It…<\/p>\n","protected":false},"author":1,"featured_media":4968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-4967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4967"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4967"}],"version-history":[{"count":1,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4967\/revisions"}],"predecessor-version":[{"id":4995,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4967\/revisions\/4995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4968"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}