Bitcoin has once again spiked further and headed deeper into bullish territory. The world’s number one crypto by market cap has surged to just over $10,900 and is now on the verge of hitting $11,000.
Bitcoin Could Rise Into the $11K Range
At this stage, it would probably be correct to assume that bitcoin will hit this figure in a relatively short period. It is less than $100 away and has been on the rise for the past 72 hours or so. Given the circumstances that bitcoin is facing, it’s also probably safe to assume that the recent bearish activity striking bitcoin’s borders has been something of a fluke.
Bitcoin appears to feel most comfortable in the $11,000 range. After all, it stayed there for quite some time. While it could potentially still hit a snag should it try again for $12,000, all that likely happened was that this move proved to be too much for bitcoin, which ultimately made it fall as far as it did. However, the fact that the currency has now risen by as much as $1,000 over the past week shows that the currency has a place it feels ready for.
Though even if bitcoin were to rise to $11,000 again, this would tell us nothing about whether $12K is once again in the currency’s future. Will bitcoin continue to rise further and try for this number again? If so, will it fail, or will the second time prove more prosperous for the asset?
One of the reasons for the sudden spike may have to do with Congress once again entering stimulus check talks. The coronavirus relief is still a hot topic in today’s government, and the U.S. has failed to come to any solid discussion or decision when it comes to issuing second checks for Americans affected by the pandemic.
The first was approved in late March and saw all citizens making less than $75,000 each earning $1,200 checks which were either delivered by direct deposit or mail. This second time around, it’s not clear how much the checks will be, but the fact is that Congress is once again entering talks after several delays and failed attempts to come to a valid decision.
Stimulus Talks Always Seem to Spur BTC
The last time America had announced that stimulus money was nearing, bitcoin rose beyond the $10,000 mark. This was a few months ago, so now that another decision appears imminent at the time of writing, perhaps this is sparking bitcoin’s sudden maneuvers.
Either way, it looks like some of the resilience that we have grown to love in bitcoin has returned. We’ll have to wait and see if these current steps by Congress lead to anything for both the American economy and BTC, but for now, we can relish in the idea that it is getting closer to where it was just a few ago.