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

Daily highs of $23,625 for Bitcoin price show fresh bullish appetite.

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

BTC price in 5.2% daily gains

Data from Cointelegraph Markets, Coin360 and TradingView show BTC/USD returning to positions lost over the weekend, topping out at $23,625 at publishing time.

After plugging $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 hourly chart (Bitstamp). Source: TradingView

Macro factors combined to support Bitcoin’s appeal, with the United States Congress passing a further $908 billion coronavirus stimulus bill.

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

Heatmap orderbook data shows that selling pressure at $24,000 and definitive resistance at $25,000 remained, somewhat dampening prospects of a stronger rally toward new all-time highs.Bitcoin exchange buy and sell levels as of Dec. 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 focused on $19,500 for now, and I think this is a very critical level to watch, but I would not be surprised if we dip below $19,500 towards $18,500 to liquidate all the people that have taken longs at 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 huge Bitcoin buy-ins were responsible for last week’s intense upside. 

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

“I was not a green candle. The green candles were other guys,” he revealed.

Those “other guys” may not yet be publicly known, according to Rafael Schultze-Kraft, chief technical officer of on-chain monitoring resource Glassnode. In a series of tweets on Monday, Schultze-Kraft argued that big buyers MicroStrategy, Grayscale and others are far from the only ones filling their bags.

“Do you really think they’re alone? Of course not,” he wrote. “Expect many more on the move. They’re coming — gradually, then suddenly.”
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