Bitcoin Rallies Mildly Following $6 trillion US Government Spending Proposal

Azeez Mustapha



Select a Plan


 1-month subscription



 3-month subscription



 6-month subscription



 lifetime subscription



 Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored


Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

Bitcoin regained slight bullish traction earlier today and crossed the $40k mark following an announcement from the Biden administration on the US spending budget.

The President of the United States, Joe Biden, will submit a $6 trillion spending budget proposal later this week. Although Bitcoin rallied at the news, it failed to sustain the bullish momentum and fell back below the $39k mark.

The New York Times reported that this budget was part of President Biden’s two-part federal agenda to get spent in 2022. That said, this proposition could bring the total spending to $8.2 trillion.

Following the announcement, cryptocurrency analysts argued that BTC could store value against a steeping debt curve.

The government spending undertaking would require immense amounts of money-printing, further increasing the possibility of fiat hyperinflation and a bullish surge for the benchmark cryptocurrency.

Bitcoin currently trades around the upper-$38k level, after tumbling to multi-month lows over the past weeks on several negative news hitting the market.

Following the tax hike proposal, Biden noted that 2030 is when the government can decrease its spending deficits, putting the US in a heavy debt burden.

Key Bitcoin Levels to Watch — May 27

Following an 8% spike from today’s low to high, Bitcoin failed to capitalize on the uptick and has fallen back into the $39.5 – $36.5 pivot zone.

BTCUSD – Hourly Chart

That said, we could see bears take reign over the coming hours as our MACD indicator flips to bearish. Nonetheless, this bearish bias could get negated if bulls manage to defend the 200 SMA support over the coming hours.

Meanwhile, our resistance levels are at $39,500, $40,000, and $41,000, and our key support levels are at $37,500, $36,000, and $35,000.

Total Market Capitalization: $1.69 trillion

Bitcoin Market Capitalization: $721.2 billion

Bitcoin Dominance: 42.5%

Market Rank: #1


You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *