Bitcoin in a Consolidation Phase

After three days of increased volatility, Bitcoin seems to be in a consolidation phase. It was meeting technical resistance at the 36, 000 level, but as of this moment it has broken back above 37,000. If it can hold this level over the next couple of days I would expect Bitcoin to rise close to 40,000 again and possibly surpass the old high of around 42,000. Certainly if Congress passes a new stimulus package, something which is widely expected, the dampening effect that will have on the dollar is usually bullish for Bitcoin. The high target prices being floated for Bitcoin are based on the possible adoption of the cryptocurrency as a hedge against dollar depreciation, inflation and a safe haven asset, similar to precious metals. If you want to discuss this topic further please feel free to send a reply.