Bitcoin price broke $ 46,000 on Monday morning after a high stakes weekend for the crypto industry as the Senate continued to debate the details of its stake in the yet-to-be-passed infrastructure bill.
Bitcoin traded up to $ 46,050.61. This is the highest level since May 16, when it hit a high of $ 49,770.33, according to Coin Metrics. It last traded at $ 45,683, up about 4.5% from the day. The price of ether also broke the $ 3,000 mark for the first time since May.
On Sunday evening, the Senate further postponed the vote on the infrastructure bill to Tuesday to have more time to debate the two competing amendments to a cryptocurrency tax rule that was originally included as a means of payment in the bill that the government is raising around US $ 28 million Dollars for the infrastructure. It’s likely that optimism will grow among traders that cooler minds will prevail, said Chris Brendler of DA Davidson.
The Bitcoin community has made more than 35,000 calls to lawmakers in the past few days and stepped up its lobbying work. Notable community figures including Square CEO Jack Dorsey, Tesla CEO Elon Musk, and Coinbase CEO Brian Armstrong (as well as surprising crypto proponents like rock icon Gene Simmons) have voiced their opinions on social media urging lawmakers to innovate not to suffocate.
Bitcoin has been hovering in the $ 30,000 area since crashing from its May highs and has been rising since late July.
It has broken through three levels of resistance in the past three weeks, including the 50-day moving average, the cloud model, and as of today, the 200-day moving average, according to Fairlead Strategies.
“The smaller breakouts reflect positive short-term momentum and improved medium-term momentum after successfully testing the support near $ 30,000 in July,” said Katie Stockton of Fairlead. “The next hurdle on the chart is just over $ 51,000, which appears to be in stock for testing as there are currently no signs of exhaustion on the upside.”