Bitcoin Takes Another Shot at $63.5K as China’s Vague Fiscal Stimulus Deters Capital Shift | Currency News | Financial and Business News

• BTC revisited Friday’s high above $63,000, maintaining the positive momentum.
• China’s highly-anticipated stimulus announcement fell short of expectations, suggesting a low probability of continued outflows into China-linked assets.

Bitcoin {{BTC}} made another push toward establishing a foothold above $63,000 on Saturday as China’s highly-anticipated fiscal stimulus announcement fell short of expectations, reducing the likelihood of a capital rotation into Chinese equities.

In a briefing on Saturday, China’s Finance Minister Lan Fo’an promised additional support for the slumping property sector and indebted local governments but provided little information on the government plans to boost domestic consumption, which economists believe is necessary to avoid a deflationary spiral in the giant Chinese economy.