16-22 November – Bitcoin broke the $ 16,000 threshold last week, and fell back to $ 15,000 at the weekend. The BTC price managed to overcome the $ 16,000 resistance again with the new week and is currently hovering around $ 16,230 – $ 16,240. With the acceleration of the uncertainty environment created by the increasing coronavirus cases worldwide, BTC can turn its course further in the short term.
Coronavirus gripped the world again
With increasing cases of COVID-19, people expect governments to take strict social distancing measures to conflict with the interests of businesses that rely on human interaction. In such a case, unemployment data may increase in the USA and economic recovery may be prevented.
According to experts, the only hope for the US economy to rise may be that the statements made by Pfizer and BioNTech last week will yield results in the desired direction. However, a medium-term time is required for the vaccine, which is claimed to yield more than 90% results, to save the whole world from the pandemic. During this time, Bitcoin stands out from its competitors as a safe haven and continues to maintain its good performance.
Incentive package becomes catalyst for Bitcoin
While the pandemic picture worsened throughout the USA, it also increased the demands for the stimulus package expected to be published. Federal Reserve Governor Jerome Powell warned at the last meeting that a stimulus package with low interest rates and infinite bond purchases cannot be proceeded.
The aid package had dragged on for months and was now postponed after the US elections. Now, the eyes are back to the ongoing runoff for 2 vacant seats in the Georgia Senate. If seats are won in favor of Joe Biden, it is predicted that the Senate will take faster steps to enact the second coronavirus package.
Important data to be announced in the USA
The data released by the United States is also considered important for Bitcoin as it counts as key indicators for the country-wide economic picture. In these data, weak indices for the US economy could be a momentum for the Bitcoin price.
On Thursday, November 19, it was announced that unemployment applications would begin. On the same day, the Philadelphia Fed and leading economic indicators are expected to be announced.