Bitcoin price rose above $60,000 amid volatility following the assassination attempt against US presidential candidate Donald Trump on July 14. This event caused a sudden rise in the cryptocurrency market.
What’s next for Bitcoin price?
Market data followed a jump in the cryptocurrency market following news of the attack in which Trump survived. The local peak of $60,423 seen on Bitstamp was Bitcoin’s highest level since July 4. Following an unusually strong performance for the weekend, investors were looking for evidence as the weekly close and traditional market trading began on whether the rally would continue. Popular investor Crypto Tony said in his post on the
Trader and analyst Rekt Capital has placed emphasis on the same area as Bitcoin attempts to maintain its “reaccumulation range” after the halving. This range is currently under threat. In his post late at night, Rekt Capital said, “Bitcoin is less than 1.5% away from reclaiming the vital $60,600 support. Bitcoin has 24 hours to maintain its accumulation range again.” The price is up 5% from the July 12 close, leaving a significant “gap” in CME Group Bitcoin futures potentially waiting to be filled.
The possibility of a bear trap attracted attention
However, popular trader Daan Crypto Trades talked about the possibility of a different scenario, that is, a “bear trap”. The latest live data from tracking platform CoinGlass shows that at the time of writing, buy orders are concentrated at $60,660, while support is thickening below $60,000. Daan Crypto Trades said the following in his last post on the X platform:
This is still a weekend move, but I can’t think of a better place for market participants to run away to push most of them to the sidelines. Anyway, liquidity/volumes are relatively low and we have yet to see how shares open tomorrow.
Bitcoin bulls are trying to catch trendline support. Meanwhile, Bitcoin, which reached a 10-day peak, is trying to reclaim the critical 200-day moving average of $59,207 as of July 14. This is one of several “bull market trend lines” that have been lost in recent weeks. As we have reported as Kriptokoin.com, others include the realized price of short-term investors (the total cost base of Bitcoin market speculators).
ETFs attract attention
Almost at the same level as the 200-day trend line is the average purchase price for investors in US spot Bitcoin exchange-traded funds. According to the data uploaded to X by Checkmate, the founder of the on-chain analysis resource called Checkonchain, this rate was $ 58,240 as of July 10. As a result, Bitcoin price experienced volatility with the news of the assassination attempt. The price rally above $60,000 currently marks a period in which bulls and bears are struggling on technical analysis indicators such as the reaccumulation range and trend lines. The traditional market open and weekly close in the coming days may provide more insight into Bitcoin’s next direction.
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