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 shows that selling pressure at $24,000 and definitive resistance at $25,000 remained, somewhat dampening prospects of a stronger rally toward new all-time highs.
At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that 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.