BTC price has surged more than 5% in the past week, with the hottest activity taking place only in the last four days. The daily chart shows that due to high liquidity and the bullish technical indicator RSI (14) the bulls have the upper hand and hover above the 60 level.
However, Bitcoin is down 0.25% in the last 24 hours. Today, BTC is trading at around $ 11,350, apparently waiting for House Democrats, the Trump administration and Senate Republicans to approve the next major fiscal stimulus for COVID-19.
Trump’s $1.8 Trillion Stimulus Proposal
According to a CNN report on Friday, President Trump signed an incentive proposal of about $ 1.8 trillion to present to House Speaker Nancy Pelosi. According to two people with knowledge of the decision, the amount is the highest dollar figure that the government has brought to the table so far.
However, Pelosi continues to play hard, knowing that Trump, ahead of next month’s US presidential election, needs a stimulus deal more than Democrats do.
CNN points out the details of the offer seem crucial, if not more important, to Pelosi than the data for dollar highs.
On Saturday (October 10), Pelosi wrote a letter to fellow Democrats in Parliament to keep them updated on current business talks with the Trump administration and to explain why she is unhappy with the administration’s proposal.
Senate Republicans Opposition to the Bill
According to a CNBC report, sources told NBC News that Senate Republicans “expressed their opposition to the bill, which will be negotiated early Saturday in meetings with Finance Minister Stephen Mnuchin and Mark Meadows. It is not surprising that the $ 1.8 trillion is almost double ($ 1 trillion) what Republicans in the Senate suggested in the Senate on July 27.
And while Senate Majority Leader Mitch McConnell told reporters on Friday that a stimulus package is “unlikely in the next three weeks,” it’s hard to imagine that the Trump and Pelosi administrations will agree to the next package. Aid on COVID-19 and McConnell refused to agree because it would jeopardize Trump’s chances of re-election (and increase the chances of Democrats winning the 35 Senate seats slated for the 2020 election).
BTC Price Prediction
On the 4-hour chart, an $ 11,400 retest suggested that the bulls were not created yet. The price of bitcoin has risen to fill a significant gap as bulls remain in control, which can bring the coin to $ 11,600. In a short time, BTC / USD could hit $ 12,000 if the bullish pressure keeps up. If not, the price could rethink the maintenance of $ 11,100 or less.