Bitcoin Price Exceeds $63,000: Why?
“Trump Bitcoin Pump”
Bitcoin rose with the attempted murder of former President and 2024 presidential candidate Donald Trump. Following the event, Polymarket now predicts a 70% chance of his winning in the election.
On X, crypto specialist Will Clemente III said, “Trump’s odds of winning in November are skyrocketing in prediction markets.” He said, “Based on Bitcoin’s reaction so far, looks like markets are going to begin pricing in a full Trump victory.”
Alex Krüger, a macro expert, explained how a Trump administration might affect financial markets: “The Trump Trade is coming. Trump winning or being expected to win means: Bullish for Crypto because Trump's government may favor cryptocurrency legislation, boosting innovation and adoption.”
German Selling Tired
The German government's huge Bitcoin sell-off also helped prices rebound. Germany sold 3846.05 BTC on Friday, exhausting their 50,000 BTC from Movie2k.
Leading on-chain expert James “Checkmate” Check noted the BTC price's extraordinary strength on X. A 50k BTC market sell order was accepted by Bitcoin in a few weeks. It dropped ~25% in a well-organized correction.
DXY Weakness
BTC's recent increases may also be due to the falling US currency. Over the last two weeks, the US Dollar Index (DXY) lost 1.8% to 104, a five-week low.
The prospect of an interest rate decrease and the expanding US government deficit, which hit $1.27 trillion year-to-date in June, have weakened the dollar and pushed investors into Bitcoin and cryptocurrencies.
Bitcoin Miner Capitulation Ends
Another crypto researcher, Joe Burnett, suggested via X yesterday that a month-long trend of Bitcoin miner capitulation may be ending, signaling a possible price turnaround. Price hikes have followed miner capitulation.
Tech Breakthrough
Saturday saw Bitcoin break the 200-day Exponential Moving Average (EMA) and a declining trendline. This milestone may indicate the conclusion of the early June dip, making traders optimistic.
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