Following the assassination of Donald Trump, the price of Bitcoin saw a notable surge, breaking through a key resistance level.
$BTC Bitcoin (BTC) is currently trading at $62,787, consolidating in a range after the recent price drop.
While the bears succeeded in pushing the price below the range, the failure of the July 8 breakdown suggests that the bearish momentum is fading and sellers at lower levels might be exhausted.
$310 million flowed into U.S. Bitcoin spot ETFs on July 12, suggesting investors are confident of a short-term bottom, an encouraging sign of accumulation. This inflow of funds could fuel a bullish rally and boost the broader cryptocurrency market.
Apart from these inflows, on-chain data also shows massive accumulation by Bitcoin whales, who have increased their holdings by 71,000 BTC. Technical Analysis Daily Chart: Bitcoin is seeing a positive divergence, suggesting a possible bullish reversal. A sustained break above the $64,602 resistance level will be crucial to confirm the bullish trend.
4-hour chart: The price is currently testing the downtrend line resistance, which shows an ongoing battle between the bulls and the bears. A decisive break above this resistance would indicate a possible uptrend with a target of $64,602.
Conversely, a break below it could trigger a retest of the $56,552 support level.
Summary Currently, Bitcoin’s price action remains balanced between the bulls and bears. A sustained breakout above the $64,602 resistance level will be crucial to confirm the bullish trend and potentially spark a broader cryptocurrency market rally.
Short-term: Bitcoin is expected to trade between $61,000 and $62,000 until Monday. A breakout above $63,000 could spark a rally towards the upper limit of the trading range. Conversely, a breakdown at the $61,000-62,000 level could trigger a drop to $55,000 or even $52,000.
#特朗普拜登 #BTC走勢分析
