Bitcoin Falters as US Congress Passes Infrastructure Bill in Final Vote
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The US Congress has finally passed the Infrastructure Bill, potentially changing how Americans see Bitcoin (BTC) and the cryptocurrency industry.
The infamous Bill received a final vote of 226 to 206, clinching the support of Congress, in what could be a defining moment for the young industry.
Once the bull gets signed by President Joe Biden, all crypto businesses registered in the US, like Coinbase and Kraken, become “brokers” under the eyes of the law and would have to report all transactions to the IRS. US-based crypto businesses would also have to reveal the identities and addresses of their clients.
Considering the potentially damaging effects this requirement could have on the industry, given that anonymity is what makes the crypto industry what it is, many crypto companies argued against the passage of the Bill due to the potential threat it poses.
Commenting on the passage of the Bill by Congress, President Biden noted that the approval was “a monumental step forward as a nation,” as it also got the needed votes from Republicans required to pass. The passage occurred after a drawn-out debate between progressives and moderates.
The official handle of the President tweeted yesterday that:
“The House passed the Bipartisan Infrastructure Deal, a once-in-a-generation investment that will create millions of jobs modernizing our infrastructure, and a rule that will allow passage of my Build Back Better Act.
We need to deliver. Yesterday, we proved we can.”
Key Bitcoin Levels to Watch — November 7
BTC retested the $60K area again yesterday, following a sharp rejection from the $64K critical juncture last Friday. That said, the benchmark cryptocurrency rebounded to the lower-$62K zone earlier today but failed to hold above the $61,785 line and currently trades around the mid-$61K area.
I expect the prevailing correction to end at the hourly 50 SMA at $61.3K followed by a reemergence above the $62K resistance, which should push BTC back into the $63K – $64K pivot zone. Failure to move above the $62K level in the near term could set the primary cryptocurrency on course to the $60K support again.
Meanwhile, my resistance levels are at $62,000, $63,000, and $64,000, and my key support levels are at $61,000, $60,000, and $59,000.
Total Market Capitalization: $2.76 trillion
Bitcoin Market Capitalization: $1.17 trillion
Bitcoin Dominance: 42.4%
Market Rank: #1
