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21 January 2021

New US stimulus, Brexit and $20K: 5 things to watch in Bitcoin this week

New US stimulus, Brexit and $20K: 5 things to watch in Bitcoin this week

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Cointelegraph takes a look at the price factors at stake for Bitcoin this week as shaky $19,000 support remains in play.

As his inauguration edges closer, Biden has already said that he plans a $7 trillion recovery package to tackle the impact of coronavirus.

This would add a huge new chunk of debt to the already huge mountain that the U.S.

We can’t even count how much the debt is up,” Jim Rogers, co-founder of the Quantum Fund with George Soros, said at an investment summit last week quoted by Reuters.

The pound was suppressed on Monday as uncertainty took hold, and a surprise lack of a trade deal would automatically shave off more of its value, analysts said last week.

Signs that more cash is coming to Bitcoin already abound.

Just last week, Guggenheim revealed that it had reserved the right to buy into Grayscale’s Bitcoin Trust via its $5.3 billion Macro Opportunities Fund.

Regardless of who and how, institutional FOMO places more pressure on the dwindling Bitcoin supply, with price rises versus other assets the only logical outcome.

A shot above $19,500 would open up a clear move to expand on last week’s all-time highs, possibly with a top as high as $21,000.

Van de Poppe also noted that CME futures gaps, including a giant $1,300 void from last weekend, remain a major nearby chart feature

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