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Home Cryptocurrency news Bitcoin

Bitcoin Hints Extended Bullish Momentum as Stimulus Talks Drag On

Yashu Gola by Yashu Gola
1 month ago
in Bitcoin
Reading Time: 2min read
Bitcoin Climbs to Two Weeks High Ahead of FOMC Update; What’s Next?

Bitcoin Climbs to Two Weeks High Ahead of FOMC Update; What's Next?

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Bitcoin hovered between gains and losses as traders waited for further clues from the US Congressional leaders on their next coronavirus aid package.

The benchmark cryptocurrency jumped 0.07 percent to $22,843, suggesting it would consolidate sideways after notching another record high on Thursday at $23,6776 (data from Coinbase). Other top alternative cryptocurrencies, including Ethereum (ETH) and Ripple (XRP), also wavered.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin holds a majority of its gains on Friday. Source: BTCUSD on TradingView.com
Bitcoin holds a majority of its gains on Friday. Source: BTCUSD on TradingView.com

Stimulus

Top Democratic and Republican leaders are looking to finalized a long-delayed coronavirus stimulus bill as the US grapples with high coronavirus rates, fresh lockdowns, and a slugging economic recovery. Data released on Wednesday revealed that the number of people filing for unemployment benefits reached a three-month high.

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Experts and market strategists believe that the deteriorating market outlook has pressurized US lawmakers to pass a new stimulus package at the earliest. The prospect of more liquidity entering the economy, on the other hand, has pushed the US dollar index down to its two-year low.

Bitcoin has rocketed almost 20 percent this week on weaker dollar sentiment. CNBC reported that mainstream investors purchase the cryptocurrency to reduce their exposure to the greenback. They view Bitcoin as an “inflation-protected wealth store.”

Bitcoin En Route to Another ATH?

On Friday, Bitcoin also consolidated as the US dollar attempted to pare its losses. The greenback recovered by almost 0.2 percent, nevertheless staying on its track to log extended losses amid a global anti-dollar sentiment. It has further to do with the Federal Reserve’s announcement to continue its quantitative easing programs.

“The announcements this week certainly reinforce the prospects of loose monetary conditions, and favorable risk asset performance, which led by the Fed will keep the US dollar on a weakening path,” the analysts at MUFG told Reuters.

#bitcoin > $20k by year end 88% probability! pic.twitter.com/XwENFohy2a

— skew (@skewdotcom) December 18, 2020

With that said, Bitcoin could continue to behave as a safe-haven for mainstream investors and corporations now sitting atop heavy cash reserves.

Tags: bitcoinbtcusddollarfed
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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.

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