Crypto currency rallied across the circle on Monday as the U.S. dollar rose and U.S. stocks hit all the time as investors appeared to encourage prospects for a likely congressional split in the situation. of President Biden’s upcoming proposal to double. Achieve taxes for the highest. - Americans with income.
The positive outlook is also supported by the hope that the Federal Reserve will remain accommodating in the face of the rapid recovery of the world’s largest economy to pre-pandemic levels. Investors will look at corporate earnings and U.S. economic data this week to see if the real results justify high private sector appreciations.
Risky assets have been favored over the past 24 hours after dramatic Asian hunters greatly increased crypto trading activity on Monday morning.
Bitcoin (BTC) has rallied close to $ 54,000 after breaking the first level of resistance and appears to be gaining momentum towards $ 55,000, which could pave the way for higher levels this week. There is a possibility of a further rally above $ 55,000 if it manages to clear the main resistance level at $ 54,000. US $ 52,000 will remain a key support level if the trend is reversed.
Ethereum (ETC) rose above $ 2,500, while Ripple (XRP) showed a surprise rise above $ 1.42 from $ 1.11 yesterday.
The other big 10 cap floating digital currencies are Binance Coin (BNB) $ 532, Cardano (ADA) near $ 1.24, Dogecoin (DOGE) $ 0.26, ChainLink (Link) $ 35, Stellar (XLM ) $ 0.5, Litecoin (LTC)) $ 245 and Vechain (VET) $ 0.19.
Only Dogecoin (DOGE) is missing in the last 48 hours.
President Joe Biden is scheduled to deliver his first keynote address to Congress Wednesday night and is expected to explain his proposal to increase taxes on wealthy Americans that he said during last year’s election campaign they could fund. Social programs such as Universal Preschool Community. University child care, paid and free family leave.
White House economic adviser Brian Deese told a news conference that the proposal was supported by an investigation that found no evidence that an increase in capital gains rates would affect long-term investments. .
While the rally in cryptocurrencies has been a relief to digital currency holders, investors may misinterpret bear market rallies as markers of the end of a bear market and therefore such rallies should which is misinterpreted and dealt with with caution. Bear market bounces occur when, against a background of incomplete long-term bearish outlook, assets skyrocket by more than 10-20% for days and weeks before returning to new falls. At this point, the technical analysis still indicates a downtrend for the coming weeks.