The US’s agreement in principle on the debt limit had a positive impact on the entire cryptocurrency market, including Bitcoin (BTC).
The debt limit of the USA, one of the most important agendas of recent weeks in macroeconomic markets, and a possible default risk have been resolved in principle. US President Joe Biden by Sunday, May 28 Speaker of the House of Representatives on the debt limit Kevin McCarthy reportedly reached an agreement in principle.
After this important and positive development, the Bitcoin price is within 24 hours. 4.5% soaring $28,355 saw the level. With this rise in a short time, in the last 24 hours 105 million dollars worth short directional position liquidation it happened.
A similar rise was seen on the NASDAQ side. NASDAQ, with the recent rise April 2022since to its highest level has reached.
The debt limit under the agreement increase for 2 years envisaged. This is the market from the risk of cash shortages means it will be protected, at least temporarily. Markets where money flows risk products investors, albeit short-term upward thinking could be forerunner.
Biden, in his statement about this agreement, which was achieved in principle, said that the step taken has reduced expenditures and growing the economy for everyone He stressed that this is an important development:
This agreement is a positive development for the US economy. Because it prevents a situation that could lead to a catastrophic default, an economic recession, the collapse of retirement accounts and the loss of millions of jobs.
Bitcoin Resist!
on the other hand bitcoin, 28 thousand dollars important in the band few resistors faced with. On the daily chart 50-day moving average (MA50) resistance $28,179 is level.
Bitcoin, which has not yet achieved a clear daily close above the MA50, needs to continue to rise. from 31 thousand dollars an incoming downtrend resistance also faced with. If these two important resistances are crossed, the first price target 30-31 thousand dollars band is expected. However, in the past weeks and during the last movement, the observed lack of volumeWhat needs to be considered for Bitcoin to continue its uptrend? one of the biggest criteria continues to be one.
CoinGecko data in the last 24 hours 3% rising Bitcoin, at the time of writing from $28,027 is being traded.