Bitcoin Remains Bullish Despite Unfavorable US Senate Infrastructure Bill Compromise Outcome

Azeez Mustapha
10 August 2021 | Updated: 10 August 2021

Bitcoin (BTC) retains a bullish bias in the early hours of Tuesday despite the ongoing talks of the US Infrastructure Bill. The benchmark cryptocurrency trades healthily above the crucial $45,000 psychological support as bulls control the market.

The US Senate failed to agree upon a series of amendments to the Infrastructure Bill that would liberate decentralized cryptocurrency service providers, like wallet developers, miners, and DeFi protocols developers, from getting classified as “brokers.” The Senate, instead, passed a Bill that is inimical to the existence of the cryptocurrency industry in the US and could cause massive emigration of crypto-related businesses from the country.

The unfavorable decision came due to the obstinacy of Senate Richard Shelby, who frustrated all efforts to realize compromises favorable to the cryptocurrency industry. There are claims that the senator did this to spite the Senate for not supporting his proposal to increase military spending.

Speaking on the matter, Robert Leshner, Founder of the DeFi protocol Compound noted that:

“The Warner, Toomey, Sinema, Lummis amendment would have protected digital innovation in America and enjoyed broad bi-partisan and administration support.

Unfortunately, Sen. Shelby objected to UC and single-handedly jeopardized a critical, growing industry.

Change his mind.”

That said, Bitcoin reacted negatively at first to the news, dropping by 3.4% but bounced right back afterward.

Key Bitcoin Levels to Watch — August 10

BTC now has its eyes set on retaking the $47,000 resistance as the bullish momentum remains unabated. We could see a bullish continuation over the coming hours as trading volume and the broader market sentiment continues to increase in bullish momentum.

BTCUSD – 4-Hour Chart

However, the primary cryptocurrency currently trades dangerously in overbought conditions, warranting some caution by bulls.

Meanwhile, our resistance levels are at $46,000, $47,000, and $48,000, and our key support levels are at $45,000, $44,000, and $43,000.

Total Market Capitalization: $1.86 trillion

Bitcoin Market Capitalization: $860.5billion

Bitcoin Dominance: 46.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.