Bitcoin surged after shooting at US Presidential candidate Donald Trump's rally. The former President is a pro-cryptocurrency candidate, and a report by Bitcoin Magazine suggests Trump's chances of winning have increased following Saturday's events.
Bitcoin rose to an intraday high of $60,324, a 10-day high for the largest cryptocurrency.
Bitcoin surges as traders expect pro-crypto candidates to win
Data from Santiment shows that as the US Presidential election approaches, the crypto community has shown a positive reaction to Trump-related news and comments on social media platforms. This may be due to the former President of the United States' pro-cryptocurrency stance.
Santiment analysts note that the cryptocurrency market is expected to respond with higher volatility and traders expect similar gains after the debate in favor of candidate President Trump in June.
Mentions of former President Trump and Bitcoin and cryptocurrency prices. Source: Santiment
Santiment analysts said US political news drives cryptocurrency growth because it is a “speculative” sector.
Institutions are bullish on Bitcoin
The sentiment on crypto Twitter and among retail investors is “panic,” however, QCP Capital reports that major hedge funds are “aggressively buying Bitcoin.” The digital asset trading and market-making firm has identified institutional longs for December and March options, with a target of $100,000 to $120,000 for Bitcoin.
According to QCP analysts, macro sentiment is positive and “inflation is slowing down.” The market has priced in a 95% chance of a rate cut in September, in line with increases in Bitcoin and cryptocurrency prices.
Bitcoin could extend gains to $63,000
Bitcoin has been in an uptrend, forming higher highs and higher lows since July 8, as seen in the BTC/USDT daily chart below. Bitcoin rose to a 10-day high on Sunday on Binance.
The MACD (moving average convergence divergence) momentum indicator supports Bitcoin's upward momentum. The MACD line crosses above the signal line and the green histogram bars are above the neutral line, signaling positive fundamental momentum for Bitcoin.
BTC was able to extend its nearly 6% gains and reach $63,631 – the 50% Fibonacci retracement level of the decline from the March 14 peak of $73,777 to the July 5 low of $53,485.
BTC encounters resistance at the upper boundary of the Fair Value Gap (FVG) at $61,806.
BTC price chart 1 day. Source: TradingView
Bitcoin may find support at $60,000 and the July 12 low of $56,542.
https://tapchibitcoin.io/bitcoin-tang-tren-60-000-usd.html
