Bitcoin (BTC) loves Europe and the United States. BTC feeds off the good news from these meta-organizations; today, October 29, 2020, it climbs above the USD 13,500.
While BTC is decoupling from traditional assets, that does not prevent it from hanging out with them when the weather is nice in the financial markets.
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Europe and the United States give Bitcoin a boost
Bitcoin was up 5% today, from $ 12,920 to $ 13,600 in 4 hours. This increase is mainly due to 2 good news on the macroeconomic level.
On the one hand, the European Central Bank (BCE) has indicated that it could look into a new stimulus package in December 2020.
On the other hand, data on employment in United States show that weekly job applications are at their lowest level since the start of the Covid-19 pandemic.
Donald trump announced that another stimulus package would be put in place after the elections, so an agreement could be reached in December 2020.
If the BCE is actually concocting a stimulus plan, which will put pressure on United States and the agreement could very quickly see the light of day.
Bitcoin seems to have decoupled from traditional financial markets in recent days. Last week the BTC continued to rise despite a macroeconomic situation that was unfavorable to the US stock markets.
In addition, the number of people with Covid-19 has increased both in United States what about Europe.
The status of Bitcoin as a safe haven has grown with the entry of new institutional investors such as Square and PayPal.
Today’s good news reassures investors who are more inclined to invest in risky assets like stocks but also Bitcoin.
13,000 USD: no less!
Bitcoin is trading at $ 13,537 as of this writing. Yesterday’s flashback, October 28, 2020, did not get the better of the $ 13,000, a support that the bulls were able to fiercely defend even if it gave in temporarily.
The USD 13,000 zone is supported by whale clusters and an order book of BTC important.
The $ 14,000 in 2 days is absolutely possible! We would start the month of November 2020 on a good basis. A small announcement of the devaluation of the dollar by the US Federal Reserve as a dessert?
Litecoin, welcome in the Silver Age