After a weekend of high stakes for the crypto industry, the Senate continued to debate the details of its role in the yet-to-be-passed Infrastructure bill. The bitcoin price soared past $46,000 Monday morning.
Bitcoin traded at $46,050.61. According to Coin Metrics, this is the highest Bitcoin price since May 16th, when it reached a peak of $49,770.33. It traded as high as $45,683, which is 4.5% higher than the previous day. Over the weekend, the price of ether broke through $3,000 for the first time since May.
The Senate delayed voting on the infrastructure bill from Sunday night to Tuesday in order to give more time for debate. D.A. said that traders are likely to be more optimistic than ever and that they will prevail. Chris Brendler, Davidson.
The bitcoin community has made more than 35,000 calls to lawmakers and beefed up its lobbying efforts in the past few days. Some notable community figures, including Square CEO Jack Dorsey and Tesla CEO Elon Musk, Coinbase CEO Brian Armstrong, as well surprise crypto advocates such as Gene Simmons, have spoken out on social media to urge lawmakers not to stifle innovation.
Bitcoin hovered around $30,000 for several weeks after falling from May’s highs. Since July, it has been rising steadily.
Fairlead Strategies reports that it has cleared three levels of resistance over the past three weeks: the cloud model, 50-day moving mean, and the 200-day moving median.
Fairlead’s Katie Stockton stated that minor breakouts are a reflection of positive short-term momentum, and better intermediate-term momentum after July’s successful test at support near $30,000 in July. “The next hurdle is just above $51,000. This seems to be a test, given that there are no signs of upside exhaustion.