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Bitcoin Portrays Bullish Setup as Trump Plans Yet Another Bailout

▪ Bitcoin undergoes an intraday bounce after testing its long-term support.
 ▪ The recovery follows a deeper downside move earlier this week in the wake of the US oil market’s historic crash.
 ▪ President Donald Trump insists on saving the crude industry via another bailout.

Bitcoin rebounded higher Wednesday as the Donald Trump administration discussed the prospects of introducing yet another stimulus package.

The benchmark  advanced $254, or 3.75 percent, to establish a daily high near $6,985 on BitMEX. The intraday recovery also took place near a long-term support area near $6,400, suggesting that traders want to maintain their interim bullish bias ahead of bitcoin’s supply rate cut this May.