Bitcoin Eyes $20K as Stronger Dollar Offsets US Stimulus News

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Bitcoin prices fell for the third consecutive session on Tuesday as a stronger US dollar countered the US Senate’s approval of a long-pending coronavirus stimulus package. The flagship cryptocurrency plunged by 0.56 percent to $22,602 per token ahead of the London opening bell. Meanwhile, Bitcoin Futures on the Chicago Mercantile Exchange dropped 0.66 percent to $23,030, pointing to mildly higher bullish sentiment in the market despite recent setbacks. There was some profit-booking noted during Bitcoin’s runup to its record high of $23,400 on Sunday. It also occurred as the US dollar edged up, helped by fears of an advanced coronavirus mutation in the UK that prompted a fresh round of lockdown and travel bans. The outlook pushed risk-on assets in Europe lower, thus helping the greenback. Bitcoin Downside Targets Bitcoin typically trades inversely to the dollar. The cryptocurrency, therefore, risked plunging further lower into the week as the greenback sentiment…

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