Bitcoin (BTC) Traded Past the $7,700 Level, These Two Events May Further Drive It Upwards

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In the past days, Bitcoin tested the $7,700 level after breaking the key $7,000 resistance level to rally as high as $7,800, recovering fully by almost 100%, from the brutal crash it incurred in March. Analysts, however, anticipate these two events to push it up further.

With the number of cases totaling 2,893,260 globally, the coronavirus (COVID-19) is ravaging 210 countries and territories of the world. In a bid to cushion the harsh effects of the pandemic on the economy, various governments released several stimulus packages which led to debts being amassed. For instance, the United States recorded a jaw-dropping $1 trillion increase in its debts.

In the inflationary model, the money printed is increased. The basic principle underlying this is as the value of fiat currency declines, a spending economy rather than free-flowing cash is created.

Image Courtesy of Arcane Research

The pre-halving sentiment is already seen to be driving investors’ optimism positively, as Bitcoin’s halving mining rewards have long been seen as a fundamental activity that may bolster its underlying strength and catalyze some massive upside price action.

Image Credit: Arcane Research, Shutterstock

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