• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package

Bitcoin jumped on Tuesday as European Union leaders reached a historic agreement on a stimulus package earlier this morning.

Yashu Gola by Yashu Gola
7 months ago
in Technical analysis, Bitcoin
Reading Time: 3min read
Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package

Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package

Advertisement
  • Bitcoin broke out of a narrow technical range to close above $9,300 this Tuesday.
  • The jump appeared after the European Union leaders confirmed a €1.8 trillion ($2.06 trillion) stimulus package.
  • The cryptocurrency now eyes bullish continuation beyond $9,400, a resistance level it failed to break twice in the last three weeks.

Bitcoin jumped on Tuesday as European Union leaders reached a historic agreement on a stimulus package earlier this morning.

The BTC/USD exchange rate was up 1.85 percent to circa $9,330 as of 1016 GMT. At its intraday high, the pair was trading at $9,367. Meanwhile, all the top coins tailed Bitcoin’s upside moves, with Ethereum, XRP, Chainlink, and others rising within the range of 1-3 percent.

Another Financial Aid

A summit among European bloc’s 27 leaders in Brussels went into its fifth day – its most extended summit in 20 years – to discuss the region’s next economic course amid COVID-induced slowdown. The eventual outcome came out to be a €1.8 trillion ($2.06 trillion) stimulus package.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While the so-called EU deal awaits further confirmation from the parliament of member states, the stock market reacted positively to the first signs of financial aid. The pan-European STOXX 600 index went up by 1.1 percent while Germany’s DAX jumped 1.9% higher.

bitcoin, btcusd, xbtusd, cryptocurrency, crypto

Bitcoin price breaks out of its Triangle range. Source: TradingView.com

A similar upside sentiment rippled across the Bitcoin market. The cryptocurrency surged higher ahead of the European opening bell in anticipation that a stimulus package deal would reduce the cash demand in the eurozone.

The same outlook in the US had earlier sent the Bitcoin price higher.

Bitcoin Breakout or Fakeout?

Bitcoin’s latest jump also took its price out of a contracting Triangle range. The pattern’s upper trendline, as shown in the chart above, earlier capped the cryptocurrency from extending its upside momentum. With it now broken, some chart watchers noted that the price could surge higher.

Cryptocurrency analyst Michaël van de Poppe stated that the BTC/USD exchange rate could reach $9,600 or beyond in the coming sessions. Meanwhile, Bitcoin stock-to-flow creator PlanB envisioned BTC/USD at $25,000, citing the pair’s growing correlation with the S&P 500.

S&P500 and Bitcoin have been correlated and co-integrated last 10 years. S&P implied BTC price: $25K .. interesting times ahead! pic.twitter.com/mi8gLmKcmf

— PlanB (@100trillionUSD) July 21, 2020

Mr. Poppe, meanwhile, noted that there could be downside correction ahead. The analyst said BTC/USD, for now, is “hopping around,” adding that traders are still focusing on altcoins to deliver an extended bull run after last week’s explosive rally.

bitcoin, btcusd, xbtusd, cryptocurrency, crypto

BTC descending channel. Source: Crypto Hamster, TradingView.com

“The descending channel has been broken to the upside on a higher volume,” said another analyst. “Let’s see if the resistance will become support or that was a fake breakout. It could be [a nice] long entry if that support holds.”

Tags: bitcoinbtcusdcryptocryptocurrencyxbtusd
TweetShare17
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

24 mins ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

3 hours ago
Ethereum

TA: Ethereum Bulls Keeps Pushing, Why $1,720 Is The Key For Fresh Rally

9 hours ago
Bitcoin

TA: Bitcoin Consolidates Above $50K Why BTC Could Face Bears At $52K

11 hours ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

13 hours ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.