Bitcoin Hits 5-Week High Ahead of Q3 Earnings Season; What’s Next?

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There was no major stimulus announcement, but Bitcoin was still able to hit a five-week high on the first day of the week. The benchmark cryptocurrency established an intraday high of $11,736 before profit-taking sentiment pushed its exchange rate lower. Its price landed around a concrete support level of $11,500. Entering the Tuesday Asian session, BTC/USD was still lurking near the said price floor. Bitcoin traders envision the price inside an apprehensively convincing Ascending Channel. Source: TradingView.com The sudden spike in the Bitcoin price came as a part of a five-day winning streak. Traders increased their exposure in the cryptocurrency on hopes that the US Congress would finalize the second COVID-19 stimulus package. They also long BTC/USD after Square, a multinational payment company, showed $50 million worth of BTC in their balance sheets – almost 1 percent of their total wealth. But the effect of Square announcement was wearing off…

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