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

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Bitcoin (BTC) price hit highs above $ 23,500 on December 22nd as weakness tumbled on Monday and the bulls challenged previous levels.

BTC price in 5.2% daily profit

Data from Cointelegraph Markets, Coin360 and TradingView show that BTC / USD is returning to positions lost over the weekend and is at $ 23,625 at the time of writing.

After plugging in $ 21,800 on Monday, the markets took a different tone today: Bitcoin gained over 5%, adding $ 1,200 in just six hours.

BTC / USD hourly chart (Bitstamp). Source: TradingView

Macro-factors combined helped make Bitcoin attractive, and the United States Congress passed another coronavirus stimulus bill worth $ 908 billion.

“Another $ 900 billion advertisement for Bitcoin,” summarized Tyler Winklevoss, co-founder of Exchange Gemini, after the vote.

Heat map order book data shows selling pressure remained at $ 24,000 and ultimate resistance at $ 25,000, dampening the prospect of a stronger rally towards new all-time highs.

Bitcoin exchange buy and sell levels as of December 22nd. Source: material indicators

At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that a drop below $ 20,000 in current conditions would not be “surprising”.

“People are focused at $ 19,500 right now, and I think this is a very critical level, but I wouldn’t be surprised if we dropped below $ 19,500 towards $ 18,500 to liquidate everyone who needed longs in this area, “he summarized in a video update on Tuesday.

MicroStrategy CEO: Last week’s bull run was “other guys”

Meanwhile, new comments from MicroStrategy CEO Michael Saylor have cast doubts on the idea that the company’s huge Bitcoin buy-ins were responsible for last week’s intense uptrend.

On the Funky Crypto Podcast, Saylor said his purchases were made in high-frequency batches of $ 1,000-2,000, rather than a flat rate.

“I wasn’t a green candle. The green candles were different types, ”he revealed.

These “other types” may not yet be publicly known, according to Rafael Schultze-Kraft, technical director of the on-chain monitoring resource Glassnode. In a series of tweets on Monday, Schultze-Kraft argued that the big buyers MicroStrategy, Grayscale and others are nowhere near the only ones filling their pockets.

“Do you really think that they are alone? Of course not, ”he wrote.

“Expect a lot more on the move. They come – gradually, then suddenly. “