Bitcoin Dominance hit a historically important region, and shortly after Bitcoin price began rebounding
Bitcoin Dominance has seen a sharp decline in the last few days and weeks as altcoins have captured the majority of investors’ attention. Yesterday, however, the index reached a historical level, shortly after Bitcoin price began to rise again.
According to some opinions, it could be a user withdrawal time for Altcoins, with this potential decline to be sustained if Bitcoin can break more than $ 10,000. Ethereum can also play a significant role in this, as it is more closely related to Bitcoin than to smaller altcoins. If ETH goes up, it can continue to sustain any potential altcoin decline.
Bitcoin price has been witnessing its price action heating up for the past few hours
Over the night, the bulls were able to push Bitcoin from as low as $ 9,600 to a high of $ 10,200. It is important to note that the five-digit threshold is still a massive resistance for BTC. The selling pressure it faces at this level is insurmountable, and its price quickly drops to as low as $ 9,800.
Now again, test $ 10,000, and investors are watching closely to see whether this level will be broken anytime soon.
Analysts are currently noting that altcoins may start to bleed when investors suck their profits into both BTC and ETH.
However, a breakout above the five-digit level could spark an upward trend that breaks the profits that Altcoins have seen recently.
Bitcoin Dominance has also reached a significant support level in history, signaling that the existing capital in Altcoin may begin flowing into Bitcoin.
TraderXO analyst said:
“BTC Dominance… Pullback time on alts?”
Also, according to analyst Pentoshi, he predicted that Bitcoin and Ethereum would make both altcoins see noticeable short-term price drops.
$BTC and $eth may be trending for awhile. If so alts are going to give some amazing dips on the btc pairs. Keep in mind BTC in 2017, 2019 trends had a massive impact and we jusr broke the 3 year down trend line on yesterday’s close. https://t.co/hUDOAYGRuj
— 🔥Pentoshi (@Pentosh1) July 26, 2020
How Bitcoin and Ethereum trends over the next few hours will provide significant insight into where the altcoin market will follow.
White House economic advisor Larry Kudlow says new stimulus is coming
White House economic advisor Larry Kudlow told CNN Sunday that a new stimulus plan is on the way. The bill, put forward by Senate Republicans, will provide a new round of $1,200 stimulus checks and lengthen the rent moratorium.
The stimulus will be similar to the first round, but will not include the additional unemployment benefit.
“The check is there, the reemployment bonus is there. The retention bonus is there. There will be breaks, tax credits for small businesses, and restaurants.”
On July 26, Minister Mnuchin said he hoped that the two parties in the US Congress could unanimously approve the Republican proposal. The new relief bill is expected to add an additional $ 1,200 cash payment to every American as well as include corporate and school liability protections.
In addition, the Republican relief plan will revise unemployment benefits so workers can receive 70% of their old salary instead of receiving an additional $ 600 a week. The $ 600/week supplemental subsidy program is part of the $ 2,200 billion CARES Act and ended last week, before the July 31 deadline.
“We can discuss quickly on these issues with the Democratic Party. The two sides have been like this before and I don’t see why the two US parties cannot act quickly together again. If there is any point that needs to be discussed longer, we will cooperate.”
In addition, Kudlow said the Trump administration intends to extend the suspension, but did not elaborate on whether the proposal was part of the new bailout bill.
The Democratic Party has expressed its opposition to the small and small adjustment of the Republican Party. House Speaker Nancy Pelosi said the Democratic Party “has been eager to negotiate” with the Republican Party since mid-May when the House of Representatives approved a $ 3,000 billion bailout package.
This bill was passed by the Democratic House of Representatives with overwhelming proportions but it went nowhere in the Senate controlled by the Republican Party.
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