A failed assassination attempt on the U.S. presidential candidate Donald Trump led to a $60,400 surge in the price of Bitcoin, and then, the market experienced volatility.
BTC Price Spikes Above $60,400
July 14 was the day Bitcoin traded above $60,000 as an assassination attempt on the running presidential candidate of the United States sparked BTC price volatility. The sudden news of the attack, which Trump survived, led to a noticeable surge in the crypto market. Bitcoin’s local highs of $60,423 can be seen on Bitstamp via the TradingView platform and this is the highest value since July 4 according to the data.
The problem is that cryptocurrency prices are ultra-responsive to world political events, a fact best demonstrated by the reaction to the attack on Trump. The attack on Trump, a polarizing figure in U.S. politics, injected uncertainty into the market, prompting a flight to Bitcoin as a potential safe-haven asset. Extreme price changes such as these are commonly witnessed in the crypto world where the prices of course vary due to many reasons that can either be regulatory news or macroeconomic events.
Traders Look to Weekly Close for Confirmation
Even though the trading at the weekend was unbelievably strong, traders now have their eyes on the weekly close and the start of the traditional market trading to make sure that the growth is here to stay. More often than not, the weekend trading can be very volatile due to the lack of liquidity and the real test period usually comes back when the institutional traders return to the market on Monday.
“$60,500 reclaim would be awesome to see today for the bulls. A real show of strength if that’s the case”, a famous trader Crypto Tony remarked on his X post. This is the shared sentiment of many traders, who are currently optimistic yet cautious, about the float of Bitcoin in the market.
Key Levels to Watch
It would be appropriate to underscore the suggestion of key levels Monday that were pointed out by a professional trader and analyst Rekt Capital to Bitcoin if the coin was to avow the bull trend. It was brought to the fore by him that BTC/USD is presently struggling to keep a “reaccumulation range” that came after the halving, and now is at risk of it being lost.
“If Bitcoin can get support at $60.600 as the buyers buy back what the sellers sell then the Bitcoin price will be less than 1.5% down from the said support and the first requirement for a breakout success will be fulfilled. On the other hand, the $76.8 level is troublesome for sellers as buyers intend to bail out on that level. If they could, refresh the database with rollers helping with both the initiation and then close the rest of the order at the point of supply are two new methods of trading a ticker,” he said yesterday, giving his account on the matter. But this level is the key issue in the case, and if it is not regained, the bears may get trapped.
Bitcoin being the undeclared leader of the cryptocurrency market and seeming to be in a tie-high condition is why so many market participants are giving of their best to stay on top of matters that could make such decisions. The interplay of the global political events and the market working is making a noteworthy impact in the cryptocurrency space yet.
