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

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 showed BTC/USD returning to positions lost over the weekend, topping out at $23,625 at publishing time.

After plugging $21,800 on Monday, Tuesday saw markets set a different tone, 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 showed that selling pressure at $24,000 and definitive resistance at $25,000 remained, somewhat dampening prospects of a stronger rally towards 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, 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 the 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.