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BTCUSD consolidating around $7,500; Fed’s new relief stimulus could aid Bitcoin investors

The relief packages and the upcoming reward halving are acting as a sort of stimulus towards escalating the attention to Bitc
The relief packages and the upcoming reward halving are acting as a sort of stimulus towards escalating the attention to Bitcoin. BTCUSD is all set to make a huge leap.

The past few weeks have been incredibly hard on the financial markets throughout the world. Bitcoin, Ethereum, Ripple, Litecoin, and other major cryptocurrencies had nothing short of an epic roller-coaster ride in those passing weeks. For most of them, the journey of volatility is still on.

Bitcoin settled around the $7,500 range after crossing past $7,700 on April 23. The day’s range for BTCUSD so far is $7,437.94 — $7,558.96.

bitcoin price btcusd

Here’s the hourly chart for BTCUSD. Source: TradingView.com

External factors impacting Bitcoin’s volatility

Bitcoin currently has almost negligible commercial usage. However, the aura around Bitcoin created by its millions of enthusiasts keeps on attracting potential investors. Although there is no denying the fact that it could be the tech of the future, however, that day seems to be in a distant future. But the BTCUSD price has gone up exponentially in the last few years.

The upcoming reward halving set to take place in May is trending in various social media posts and youtube videos. Some people do thorough research while investing in Bitcoin, while others jump in with hopes of multifold returns. That is a substantial contributing factor to the BTCUSD price rise.

The current macroeconomic conditions arising as a result of the Coronavirus crisis has forced businesses to shut down. More than 26 million people in the US have lost their jobs in the last few weeks. Many Bitcoin investors lost millions as BTCUSD prices fell abruptly, while many others made wealth by entering at the right time.

Could this be the golden time for BTCUSD

US President Donald Trump signed around $942 billion relief package for fighting the COVID-19 pandemic. The last stimulus announced less than a month ago was to the tune of $1.2 trillion. These are being done to infuse liquidity into the system. It is also causing several people to use the relief benefits to be used as investments in Bitcoins. Several reports claim that out of the $1200 direct bank transfer to US citizens, many have invested this amount towards Bitcoin investments.

It can be claimed that without a doubt, Bitcoin is poised for a big move in the coming days.

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