Bitcoin tops the five-week high value in the latest rally by claiming $11,736. Shortly after touching peak position, it retraced slightly.
Bitcoin witnessed a five-week high, but then it plunged slightly and stopped at strong support of $10,500. At press time, it is still up 6.52% in a seven-day framework and is exchanging hands at $11,451.
It is a strong possibility that the US congress will permit a stimulus package soon. Following a severe ongoing discussion between Republicans and Democrats, investors prefer to go for safe-haven assets, including gold and Bitcoin. If the US Congress agrees for a stimulus relief package, it could also push the price value of Bitcoin upward. Crypto members can see a breakout above $12,000 in case of a bullish rally.
Democrats Reject Republicans’ $1.8 Trillion Relief Package
Price jumped high even before the announcement of the stimulus package. In the latest discussion over the relief package, Nanci Pelosi, House Democratic Speaker, did not agree with on $1.8 trillion stimulus package proposed by Republicans.
Fresh investment from big institutional actors is another major reason behind the increase in Bitcoin’s price value. For instance, payment company Square invested $50 million in the top digital asset. Square is led by Twitter CEO Jack Dorsey, which shows an entry of big industry figures in the crypto space.
Bitcoin went above $11,500 when there was a bullish wave in Wall Street. Major indices witnessed bullish candles in the Monday session. Gold’s progress was also correlated with cryptocurrency markets, including Bitcoin.
In the past, US President Donald Trump used very harsh words for Bitcoin and criticized its volatile feature. This is also the reason Bitcoin remained at a low position over the last five years. As the coming US election expects Joe Biden as the next president of the US, investors started investing money in cryptocurrency. The crypto community has witnessed an obvious flux of investment from some Wall Street Investors. According to PlanB’s model S2F, Bitcoin can break above $55,000 by the end of 2020.