BTC price rises 5% after U.S. Congress passed a $ 900 billion ad for Bitcoin.

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Bitcoin (BTC) price hit highs above $ 23,500 on December 22nd as the weakness reversed on Monday and the bulls challenged previous levels.

BTC price in 5.2% daily profit

Data from Cointelegraph Markets, Coin360 and TradingView show that BTC / USD is returning to positions lost over the weekend and is at $ 23,625 at the time of writing.

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After plugging in $ 21,800 on Monday, the markets took a different tone today: Bitcoin gained over 5%, adding $ 1,200 in just six hours.

BTC / USD Hourly Chart (Bitstamp). Source: TradingView

Macro-factors combined helped make Bitcoin attractive, and the United States Congress passed another coronavirus stimulus bill worth $ 908 billion.

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

Heat map order book data shows selling pressure remained at $ 24,000 and ultimate resistance at $ 25,000, dampening the prospect of a stronger rally towards new all-time highs.

Bitcoin exchange purchase and sale status from December 22nd. Source: material indicators

At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that a drop below $ 20,000 in current conditions would not be “surprising”.

“People are focused at $ 19,500 right now, and I think this is a very critical level, but I wouldn’t be surprised if we dropped below $ 19,500 towards $ 18,500 to liquidate everyone who needed longs in this area, “he summarized in a video update on Tuesday.

MicroStrategy CEO: Last week’s Bull Run was “other guys”

Recent comments from Michael Saylor, CEO of MicroStrategy, questioned the idea that the company’s huge Bitcoin buy-ins were responsible for last week’s intense uptrend.

Keep talking Funky Crypto PodcastSaylor said his purchases were made in high-frequency batches of $ 1,000-2,000, rather than a flat rate.

“I wasn’t a green candle. The green candles were different types, ”he revealed.