Bitcoin Consolidates Amid BTC Purchase Declaration from US Senator

10 October 2021 | Updated: 10 October 2021

Pro-Bitcoin Senator, Cynthia Lummis, has disclosed that she purchased Bitcoin (BTC) in a periodic transaction report (PTR).

According to the filing, the Wyoming Senator bought between $50,001 and $100,000 worth of BTC on August 16. At the time of purchase, the benchmark cryptocurrency traded at $45,000.

That said, this disclosure comes seven days outside the mandated 45-day reporting window according to the Stop Trading on Congressional Knowledge (STOCK) Act. The law requires that members of the US Congress disclose every purchase or sale of individual stocks, bonds, and Commodity futures with $1,000 and above within 45 days after the transaction.

In an interview with CNBC, a spokesperson from the Senator’s office noted that the delay in disclosure came due to “a filing error,” explaining that:

“Once we realized [the error], we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.”

The Senator’s BTC purchase in August came after she noted that she would “buy the dip” as the price fell to $30,000.

Senator Limmins remains an ardent supporter of Bitcoin. The Senator revealed that she bought her first BTC in 2013 for only $330 and owned 5 BTC as of June. She declared in February that:

“I still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.”

Key Bitcoin Levels to Watch — October 10

Bitcoin has entered a prolonged sideways momentum as bulls run out of steam. That said, the benchmark cryptocurrency faces a threat of a bearish correction to the $52,500 region if bulls fail to clear the $56,000 barrier in the coming hours.

BTCUSD – 4-Hour Chart

This bearish inclination comes amid cautions of BTC trading in overbought (greed) market conditions. Nonetheless, the coming hours are critical to the short-term price direction of the flagship cryptocurrency.

Meanwhile, our resistance levels are at $56,000, $56,700, and $57,000, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.32 trillion

Bitcoin Market Capitalization: $1.03 trillion

Bitcoin Dominance: 44.8%

Market Rank: #1

 

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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.