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BTC price rises 5% after US Congress passes ‘$900 billion ad for Bitcoin’

Bitcoin (BTC) price hit highs above $23,500 on Dec. 22 as Monday’s weakness flipped to see bulls challenge previous levels. Data from Cointelegraph Markets, Coin360 and TradingView show BTC/USD returning to positions lost over the weekend, topping out at $23,625 at publishing time. After plugging $21,800 on Monday, the markets have set a different tone today, with Bitcoin gaining over 5% and adding $1,200 in just six hours.

Macro factors combined to support Bitcoin’s appeal, with the United States Congress passing a further $908 billion coronavirus stimulus bill. “Another $900 billion dollar advertisement for Bitcoin,” Tyler Winklevoss, co-founder of exchange Gemini, summarized following the vote. Heatmap orderbook data shows that selling pressure at $24,000 and definitive resistance at $25,000 remained, somewhat dampening prospects of a stronger rally toward new all-time highs.

At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that a dip below $20,000 would not be “surprising” under current conditions. “People are focused on $19,500 for now, and I think this is a very critical level to watch, but I would not be surprised if we dip below $19,500 towards $18,500 to liquidate all the people that have taken longs at that range,” he summarized in a video update on Tuesday.

BTC price rises 5% after US Congress passes ‘$900 billion ad for Bitcoin’, Cointelegraph, Dec 23

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