As a seasoned researcher with extensive experience in the crypto market, I have witnessed numerous price fluctuations and market trends over the years. The recent Bitcoin price rally to above $63,000 following the Donald Trump assassination attempt is an intriguing development that has caught my attention.
The price of Bitcoin soared to $63,000, with crypto and equity markets showing robust growth following the news of an assassination attempt on former President Donald Trump. Analysts and market experts, both in the on-chain and capital markets sectors, anticipate that this rally will persist for an extended period. With whales, institutional investors, and individual buyers re-entering the Bitcoin market, the possibility of a new all-time high cannot be ruled out.
Bitcoin Price Rally To Continue
After the attempted assassination of Donald Trump, the price of Bitcoin ended the week at over $60,000, igniting a significant surge. The Bitcoin price has since risen above $63,000, fueled by both spot market purchases and derivative buying.
Matrixport anticipates that Bitcoin buying momentum will persist for an extended timeframe, reducing its dependence on external macroeconomic factors. This prediction stems from over $1 billion worth of investments flowing into the U.S. Bitcoin spot ETF within a week. The significant ETF inflows were closely associated with decreasing inflation rates and a slowing labor market in the United States. Analysts at Matrixport suggested that increased inflows into the Bitcoin spot ETF are more probable following last week’s unexpectedly low Consumer Price Index (CPI) report.
Significantly, the early institutional purchases fueled by significant arbitrage chances have given way to more cautious retail investors. (Crypto company’s statement from July 15)
On-Chain Data Signals High Buying Sentiment
Based on information from Coinbase’s premium gap data as reported by CryptoQuant, US large-scale Bitcoin investors, referred to as “whales,” have recently started buying Bitcoin again after a prolonged period of selling. These whale purchases follow the resolution of anxieties surrounding potential Bitcoin sales by the German government. The uptick in Bitcoin’s price has partially made up for the previous downturn. Furthermore, the weekend rebound suggests that further resources will be invested into Bitcoin spot exchange-traded funds (ETFs).
Additionally, the mood in Bitcoin derivatives markets favoring purchases is quite strong. The hourly chart for Bitcoin futures indicates potential for continued crypto market recuperation.
In the last 24 hours, Bitcoin futures open interest has grown by more than 4% to reach a total of $32.37 billion. Similarly, open interest for Bitcoin futures on CME has experienced a similar increase of over 4%, now standing at $9.28 billion.
BTC Price Correction Over
As a researcher studying cryptocurrency trends, I’ve closely followed the analysis of popular market observer Rekt Capital. On July 15, he identified that the bullish divergence between Bitcoin’s price and its relative strength index (RSI) had reached completion. This signified that Bitcoin had broken free from its nearly 1.5-month downtrend. According to Rekt Capital’s prediction, Bitcoin is now poised to initiate a new phase of price action above the $65,000 mark.
The price of Bitcoin is presently at $62,836, marking a 4% rise over the past 24 hours. The minimum and maximum prices within this timeframe were $59,546 and $63,095 respectively. Notably, there has been a significant surge in trading volume by approximately 26%, as Bitcoin concluded its weekly chart above the $60,000 threshold – suggesting a heightened level of engagement from traders.
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2024-07-15 13:17