Bitcoin (BTC) Price Surpasses $9,000 as Democrats Hope to Print Another $3 Trl

News
Wed, 05/13/2020 - 13:54
Yuri Molchan
The flagship crypto has just reclaimed the $9,000 level, printing a 3-percent surge. This coincides with the news of US Democrats discussing minting another $3 trl
Cover image via stock.adobe.com
Contents

Bitcoin has just broken the $9,000 resistance. The prominent trader Scott Melker comments on it, sharing his bullish take.

Meanwhile, the US government is discussing printing $3 trl more to inject into the economy.

Image via CoinMarketCap

‘A trip to the range highs is likely’

Scott Melker has tweeted that, by breaching $9,000, BTC may have shown its direction for further movement. Now, he writes, if the four-hour candle closes above the dashed line on the chart he has shared, Bitcoin is likely to move higher.

‘Volatility draining down on $BTC’

Prior to the rise above the $9,000 resistance line, analyst Michael van de Poppe tweeted that Bitcoin might demonstrate the impact the volatility factor could have on it.

On the chart, the analyst has drawn a curve to suggest that Bitcoin might first rise to as high as the $9,300 zone and then reverse and decline to the area between $8,000 and $7,800.

He also states that Bitcoin’s volatility is good for altcoins now as some of them are lifting their heads.

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US Democrats suggest printing $3 trl more

The Morgan Creek Digital co-founder and a vocal Bitcoin supporter Anthony Pompliano has tweeted that, at the moment, the US Democratic Party is suggesting printing another $3 trl in stimulus money to support the US population during the lockdown.

He emphasizes that once this initiative is approved, it could easily double in less than three months. Overall, the stimulus package from the US government, including the initial round of 'survival checks' already exceeds $6 trl. Many in the crypto sphere call the QE a major factor that will push the BTC price up in the long term.

Peter Schiff, a prominent Bitcoin critic, has also tweeted about a possible continuation of the lockdown and further cash printing. He says:

“Powell is correct, employment doesn't cause inflation, the Fed does.  People working to produce stuff lowers prices. It's the Fed working its printing press that make them go up. If Powell thinks high unemployed gives the Fed license to print without consequence, he's dead wrong.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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