Bitcoin hit $46,000 on Monday, waiting the second leg of the bull market.




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Bitcoin hit $46,000 on Monday, data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $45,500 at the time of writing Monday. 

Bitcoin hovered in the $30,000 range for weeks after falling from its May highs and has been climbing since the end of July, clearing the 200-day moving average Monday.

This move-in price happened after a high stakes weekend for the crypto industry as the Senate continued debating the details of its part in the still yet-to-be passed infrastructure bill.

"Washington now realizes what a force and how many different people across the United States are very passionate about cryptocurrencies," Blockchain Association's Kristin Smith said on Bloomberg's "WuikTake Stock" streamin g program, adding that the issue has helped unify the crypto community. "The more clarity, the more certain that the industry has, the better off that we will be in the long run," he said.

Bitcoin traded as much as5.4% to reach $46,465. That marks its highest level since May 16, when it hit $49,770.33, according to Coin Metrics. 

Ethererum also followed up as it broke through $3,000 over the weekend for the first time since May, likewise, altcoins also benefited, with Dash, and Litecoin each went up at least 5%

However, CNBC news claim that the Senate further delayed the vote on the infrastructure bill to Tuesday to allow for more time to debate two competing amendments to a cryptocurrency tax provision, which was initially included in the bill as a pay-for to help the government raise some $28 billion for the infrastructure spending. It's likely that's increasing optimism among traders that cooler heads prevail, said D.A. Davidson's Chris Brendler.

One of the analysts who are firmly bullish on coming moves for BTC/USD PlanB, creator of the stock-to-flow BTC price model says:

"We are 16 months after the halving (red line), awaiting the second leg of this bull market."



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