Bitcoin recovers $ 46,000 as rebound continues

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The price of bitcoin topped $ 46,000 on Monday morning after a high-stakes weekend for the crypto industry as the Senate continued to debate details of its part in the infrastructure bill that failed. has not yet been adopted.

Bitcoin traded as high as $ 46,050.61. This marks its highest level since May 16, when it peaked at $ 49,770.33, according to Coin Metrics. It last traded at $ 45,683, up about 4.5% on the day. The price of ether also crossed $ 3,000 over the weekend for the first time since May.

On Sunday evening, the Senate postponed the vote on the infrastructure bill again until Tuesday to have more time to debate what has become two competing amendments to a cryptocurrency tax provision, which was originally included. in the bill as a payment to help the government raised some $ 28 million for infrastructure. Optimism is likely to increase among traders as cooler heads prevail, said Chris Brendler of DA Davidson.

The bitcoin community has made more than 35,000 calls to lawmakers and stepped up lobbying efforts over the past few days. Notable community figures including Square CEO Jack Dorsey, Tesla CEO Elon Musk and Coinbase CEO Brian Armstrong (as well as surprise crypto advocates like rock icon Gene Simmons) have spoken about social media to urge lawmakers to avoid stifling innovation.

Bitcoin has been hovering in the $ 30,000 range since it fell from its May highs and has been climbing since late July.

It has broken through three resistance levels in the past three weeks, including the 50-day moving average, the cloud model and, to date, the 200-day moving average, according to Fairlead Strategies.

“The minor breakouts reflect positive near-term momentum and improved mid-term momentum following the successful test of support of nearly $ 30,000 in July,” said Katie Stockton of Fairlead. “The next hurdle on the chart is just above $ 51,000, which seems in store for a test given there is no sign of upward exhaustion at this time.”

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