Bitcoin Price Breaks Key Resistance As Pre-Election Stimulus Package Goes to Vote
Godfrey Benjamin Oct 21, 2020 17:00
The price of Bitcoin (BTC) is defying the turmoils and the uncertainty in the hopes of getting a pre-election stimulus package with its current aggressive bullish runs
The Bitcoin price continues to rise to new highs for 2020, as the latest stimulus package goes to the Senate for a vote and and cryptocurrency finds new mainstream adoption in PayPal.
The price of Bitcoin (BTC) is defying the turmoils and the uncertainty in the hopes of getting a pre-election stimulus package with its current aggressive bullish runs. While Americans await the vote pass on a stimulus package by the Republican-controlled Senate for a $500 billion budget to cover Paycheck Protection Program (PPP), funding for schools, and expanded unemployment benefits, the anticipations are devoid of the enthusiasm as reported yesterday as Congress has bluntly rejected the bill.
The entire negotiations seem to be in line as House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin had finally begun seeing eye to eye in the past days, the possibility of actually getting a Republican-endorsed stimulus cheque before the November elections appear slimmer than ever. Despite these uncertainties, BTC price continues to surpass analysts’ expectations in what appears to be a coordinated take-over by the market bulls.
Besides the stimulus cheque debate by the US lawmakers, other events in the space must have contributed to the bullish impetus of BTC to break three major resistances in the past 24 hours. One of these events is the launch of a BTC inspired cryptocurrency payment and shopping service by online payment giant PayPal. The foray of PayPal into the crypto payment industry signals the long-awaited BTC endorsement of the company with over 300 million accounts, A move that adds credence to the leap of BTC in the past 24 hours.
BTC Surge Has Strong Technical Backing
The price of BTC is currently trading at $12,738.01, a surge of 6.93% in the past 24 hours. While Blockchain.news analysis of Bitcoin price yesterday predicted a bullish momentum for the premier digital currency, the breaking of the resistances as seen on Trading View at $11,600, $12,000, and $12,400 respectively in the past 24 hours undeniably beat our expectations.
The BTC bull surge is bursting through the upper Bollinger Band and should this momentum be sustained, the BTC price which has also broken the 2020 record high set in early September may yet be on its way to push even further.
The RSI value of BTC at the time of writing is 87.26 showing that the coin is several points away from the 70 points overbought region. The Awesome Oscillator is also remarkably topped off the zero point line and which indicates the price could continue rising in the short-term at least.
As volatility is prevalent in the cryptosphere, there may be a fundamental disruption to the ambitious run of BTC but should future anticipated events including the stimulus fiasco turn out positive Bitcoin may be on its way to beating its all-time price high of $20 089 set on December 17, 2017.
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