US Lawmakers Reach $900BLN Stimulus Deal, Bitcoin Gains More

The US lawmakers reached a $900 billion stimulus deal as the second coronavirus stimulus package while Bitcoin increased further as we read more in the latest Bitcoin news today.

The traders continued to keep the BTC bid higher today as the US lawmakers reached a deal for the stimulus package. The exchange rate of the BTC/USD exchange rate surged to an intraday high of $24,072 during the Asian sessions but futures linked to the BTC spot market climbed to as high as $24,210 which pointed to higher purchases of call contracts that reflect traders’ extended bullish bias for the number one cryptocurrency.

Another $900 billion in stimulus! Time for #Bitcoin to skyrocket.https://t.co/ohvQ16LXyD

— The Moon 🌙 (@TheMoonCarl) December 21, 2020

The US congressional leaders reached a final deal on a $900 billion stimulus package which includes relief for the smaller and medium-sized businesses and direct payments for American households that suffered during the coronavirus pandemic. The deal will aid people that lost their jobs because of the lockdown restrictions. The US dollar increased by 0.13 percent against its peers after crashing the two-year low last week. The rebound happened in a form of a short-term technical correction which was confirmed by the strong rejection with an intraday high of 90.13. This increased bitcoin’s potential which trades inversely to the US dollar with the continuation of the uptrend.

The 4-hour charts show that the price painted what seems to be a half-made Rising wedge channel. The bearish reversal pattern emerged as the asset trades inside the converging trendline and forming higher highs and higher lows. It is close to the apex of the structure that is combined with the decreasing volumes with the price falling by as much as the maximum height between the lower trendline. The current outlook confirms the rising wedge pattern and the crypto could climb as far as $25,000 in the upcoming sessions which means a correction of more than $1600 is about to happen. The current projection will refrain from slowing down the long-term bullish bias that is dictated by institutional capital.

It is visible that in the updates over the past two weeks. Microstrategy increased the BTC reserves to $650 million while Mass Mutual invested $100 million in the cryptocurrency. Ruffer Management also bought $745 million as well. in the meantime, Guggenheim’s CIO Scott Minerd gave a $400,000 forecast for the number one cryptocurrency so it seems that 2021 will be quite interesting for the benchmark crypto.