After news emerged that President Trump had recovered from Covid-19 plus the story of the stimulus package being prepared to help rebound the American economy, Bitcoin price briefly experienced a surge to over $11,000.
Bitcoin price in recent times had appeared stagnant between $10,000 and $11,000 but rose significantly when it became clear that the President was being discharged which led it to rising over its $ 11,000 threshold.
The market value of the pioneer cryptocoin had fallen when new broke out that the President and his First Lady has both tested positive to coronavirus.
Is the current Bitcoin Price sustainable?
The rise in the price of Bitcoin could partly be laid at the feet of the recovery of the President and the economic recovery plan they have packaged to help the protect against job loss and also help increase the spending power of millions of Americans.
Presently, Bitcoin and the Wall Street are experiencing some sort of correlation. And with the coming of the earlier explained stimulus package, the coin could still make some more gains in the market.
Analyst Spilotro said that looking at the triangle model, he envisages Bitcoin price rising to as high as $11,850 until it potentially meet its next resistance which potentially means that BTC could rise to as high as $12,000 and possibly beat its $20,000 price again.