The U.S. Senate’s new deal to put an end to the 40-day government shutdown has filled the market with optimism, specifically raising Bitcoin’s ($BTC) price. In this respect, Bitcoin ($BTC) has witnessed a notable surge to the $106K mark, signifying a renewal of risk appetite. Bitcoin’s ($BTC) market liquidity is still robust despite the wide offloading by early holders and spot ETF outflows. Therefore, the calming bearish momentum could permit the leading crypto asset to move in a range-bound price pattern.

Strong Resistance at $118K Will Test Bitcoin’s Momentum

The U.S. Senate’s recent approval of a significant funding deal to end the country’s government shutdown has positively impacted Bitcoin ($BTC). Due to this, Bitcoin has jumped to $106,000, denoting a sheer spike after the recent bearish sentiment. Apart from that, while the early $BTC holders are continuously offloading, the market liquidity of Bitcoin stands solid. Additionally, the market onlookers consider Bitcoin to be moving within a range-bound price pattern, while resistance is forming around the $118,000 spot.

Simultaneously, the Senate’s move underscores a key development to ultimately reopen the federal government after a 40-day partial shutdown.  The amended bill has now moved to the House ahead of moving to the desk of the U.S. President Donald Trump. This development is reportedly concluding the longest of the U.S. government shutdowns seen in the history. As a result of this the risk has not been lifted, and market is making noteworthy growth amid growing optimism.

Resistance Emerges Near $108K, Indicating a Range-Bound Momentum

Bitcoin’s ($BTC) latest recovery has been crucial amid the consistent selloffs and ETF outflows. Hence, Bitcoin has reclaimed the $106K figure following many breakout attempts below the $100K mark last week. Overall, the analysts are expecting a substantial resistance near $108K and a leg up beyond this mark may trigger a renewal of selling pressure.