Over the weekend China announced that they are willing to increase their government deficit to provide trillions of dollars in economic stimulus. Some investors are already concerned that this stimulus is too late, and they believe that China’s economy is likely to drag the rest of the world into a global recession. However, China, the US, and most countries around the world are recklessly printing fiat currency, which is bullish for Bitcoin. For now China’s Hang Seng Index is forming a favorable reaction to the news, and HSI is trying to flip $21.1k from resistance into support. China also missed expectations for a number of economic metrics over the weekend so it is important to monitor their economic data to see how the Chinese economy continues to perform over the next few months.

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