Cryptocurrency
Bitcoin Extends Recovery Rally on Firmer Dollar, Stimulus Negotiations
Bitcoin Extends Recovery Rally on Firmer Dollar, Stimulus Negotiations: (NewsBTC) Bitcoin prices climbed for the second day on Tuesday, spurred by increased optimism over the second stimulus package in the United States and a firmer US dollar. Positive risk-on momentum throughout the Asian and the early European session briefly pushed the flagship cryptocurrency to a […]
Bitcoin Extends Recovery Rally on Firmer Dollar, Stimulus Negotiations:
(NewsBTC) Bitcoin prices climbed for the second day on Tuesday, spurred by increased optimism over the second stimulus package in the United States and a firmer US dollar.
Positive risk-on momentum throughout the Asian and the early European session briefly pushed the flagship cryptocurrency to a new week-to-date high of $35,469. It later corrected lower by more than 1 percent due to profit-taking sentiment. But, it maintained support above its 4H-200 simple moving average to eye another leg upward.
Bitcoin bounces towards its channel resistance trendline. Source: BTCUSD on TradingView.com
Dollar Firm on Stimulus Negotiations
The jump coincided with similar upside moves across the US stock futures, Asian, and the European stock market. Investors raised their bids for risk-on markets after assessing an ongoing negotiation between US President Joe Biden and a group of moderate Republican senators over the former’s proposal to pass a $1.9 trillion stimulus package.