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

Bitcoin (BTC) price hit highs above $ 23,500 on Dec. 22 as Monday’s weakness flip-flopped to see bulls challenging previous levels.

BTC price in daily earnings 5.2%

Data from Cointelegraph Markets, Coin360 and TradingView shows BTC / USD returning to jobs lost over the weekend, reaching $ 23,625 at publication time.

After plugging in $ 21,800 on Monday, the markets have set a different tone today, with Bitcoin gaining over 5% and adding $ 1,200 in just six hours.

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

Macro factors combined to support Bitcoin’s appeal, with the US Congress passing another $ 908 billion coronavirus stimulation bill.

“Another $ 900 billion dollar ad for Bitcoin,” Tyler Winklevoss, co-founder of Gemini exchange, summarized following the vote.

Heatmap order book data show that selling pressure at $ 24,000 and definitive resistance at $ 25,000 remain, always pushing some stronger rally prospects toward new highlights.

Bitcoin exchange buying and selling levels as of December 22. Source: Material Indicators

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

“People are focusing on $ 19,500 for now, and I think this is a very critical level to watch, but I wouldn’t be surprised if we dip below $ 19,500 towards $ 18,500 to abolish all people who have longed for that range, ”he summarized in a video update on Tuesday.

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

Meanwhile, fresh comments from Michael Saylor, CEO of MicroStrategy, cast doubt on the idea that the company’s massive Bitcoin buy-in was responsible for last week’s intense upside.

Speaking on Funky Crypto Podcast, Saylor He said that his purchases came in the form of high-frequency batches of $ 1,000- $ 2,000, and not a lump sum.

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