Bitcoin's price was extremely sluggish and macro trading was between $ 10,200 and $ 11,200. Now the leading cryptocurrency is heading towards the border of this range and may soon surpass it.
If this level breaks in a move, it could indicate an imminent rise for BTC as it has moved around significant resistance levels for about a month.
The Relationship Between Bitcoin and the US Incentive Package
When we look at pure Bitcoin, we should evaluate both the technical and the basic front of the crypto currency.
It can be said that this latest rise is due to Square's purchase of $ 50 million worth of BTC to be kept as a reserve.
This news has renewed Investor sentiment in BTC, indicating that this could become a trend among other public companies looking to protect their capital against near-term inflation.
Now that the government is making progress on another support package for US citizens, this could spark a massive stock market rally by creating a frenetic wind for BTC, and outside forces could also increase Bitcoin's bullish position.
An analyst is contemplative like this.
Bitcoin Broke $ 11,000 While Building Technical Strength
At the time of writing, Bitcoin is being traded at $ 11,383.
The significant strength of the cryptocurrency. This rise was mainly due to Square's acquisition of Bitcoin, which started a trend among other multi-billion dollar companies.
No incentive package is entered, potentially boosting traditional markets, this could put serious pressure on Bitcoin.
