Bitcoin Weekly Outlook: All Eyes on US Election, Stimulus, Tech Earnings

Amid the intense stimulus relief aid discussion, House Speaker Nancy Pelosi has set a deadline for the White House to come to an agreement on the next stimulus package which provides a second round of stimulus checks for Americans. Meanwhile, the Senate is set to vote on a smaller stimulus bill without direct payments this week. Deadline for Stimulus Negotiations Stimulus packages to help Americans cope with the coronavirus-driven economic crisis have been heavily discussed this week as U.S. lawmakers hope to approve new relief aid before the November presidential election. Six proposed....

There's still a chance a stimulus package can be passed before the presidential election, but those chances are fading, said the U.S. president.

With a strong correlation between stocks and the bitcoin price in recent months, analysts say a stimulus package could boost BTC as well.

Bitcoin managed to close the previous week in green as a slightly optimistic economic data in the US lifted demand for the US dollar. The cryptocurrency and the greenback have trended inversely to one another since the March 2020’s global market crash. They continue to serve as counter-indicators to one another, a sentiment that has grown further because of the ongoing stimulus negotiations and the upcoming US presidential election on November 3. Last week, investors’ […]

Bitcoin price rallied from $12,920 to $13,600 in the hours following the European Central Bank statement and optimistic job data from the U.S. The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States.BTC/USD 1-hour chart. Source: TradingView.comMacro factors favor Bitcoin rallyThroughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market was in a steep decline, and the....