BTC Edged Lower As Trump Rejects Latest COVID-19 Stimulus Package

BTC edged lower as Trump decided to reject the latest COVID-19 stimulus package worth $900 billion that passed both the Republican-held Senate and the Democrat-controlled House. In today’s BTC news today, we take a closer look at the analysis.

The overnight rally in the BTC market stopped midways as Donald Trump decided to reject the $900 billion worth of stimulus bill and the BTC to dollar exchange rate dropped 1.13 percent to $23,554 in the pre-European session back on Wednesday. The traders reduced most of their exposure to the cryptocurrency and awaited that the delayed stimulus package will help the US dollar rebound.
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The dollar is trading above its two-year low as of today.

Technically, Bitcoin’s price moves seem choppy as the number one cryptocurrency kickstarted the week in the negative area during the profit-taking sentiment. It also dropped to the news of the new coronavirus mutant turned investors to the US dollar safety. BTC edged lower alongside global stocks and gold. The price pared the week-to-date losses by rebounding by 4.81 percent with the retracement coming as the US Senate approved the $900 billion stimulus package which was supposed to provide economic relief to the American people and businesses that were affected by the pandemic.

Trump refused to sign the bill which eventually created a new mess after solving the previous one that took months to complete. The president said he will ask Congress to “amend” the details and to increase the direct payment to $2000. House speaker Nanci Pelosi agreed:

 “Democrats are ready to bring this to the floor this week by unanimous consent. Let’s do it!”

The recent move in the BTC market trapped the price in a sideways consolidation range and it appeared as a Bull Flag formed with a bullish continuation pattern as well as the asset pausing the trend shortly. The typical outcome is a breakout to the upside where the price rises by as much as the same level before the Flagpole. The height of the flagpole is close to $4500 which means the best outcome out of the current consolidation range is a breakout to the $28,500 level. It now seems that the market fundamentals support the upside bias.

The BTC adoption reached a critical inflection point with the arrival of institutional capital so now mainstream companies and investors are trying to buy or urge their clients to buy BTC against the global inflationary outlook upped by the government-induced debt and fiscal deficits. Cole Garner explained:

 “After years asleep at the wheel, institutional leaders are now jarred awake, en masse.  If they want this asset: they’ll have to hustle, compete with the masses and FOMO in above ATH’s. Against a backdrop of scarcity, unlike anything they’ve ever seen.”