- Bitcoin trades above $60,000 on Sunday as market participants rally in support of former President Donald Trump.
- The US Presidential candidate made headlines after being shot at a rally, the event garnered the support of the crypto community.
- BTC could extend gains and erase July losses, eyes a comeback above $63,000.
Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate and a report by Fortune shows that Trump’s chances of winning the race increased following the events that transpired on Saturday.
Bitcoin rallied to a peak of $60,324, a 10-day high for the largest asset by market capitalization.
Bitcoin rallies as traders expect pro-crypto candidates win
Data from on-chain tracker Santiment shows that as US Presidential elections near, the crypto community has shown bullish responses to Trump-related news and comments across social media platforms. This is likely due to the former US President’s pro-crypto stance.
Santiment analysts note that the crypto market is expected to respond with higher volatility and traders expect similar gains as the one post the debate that favored Presidential candidate Trump, in June.
Former President Trump’s mentions and Bitcoin, crypto prices
Santiment analysts say US political news drives gains in crypto since it is a “speculatively-driven” sector.
Institutions are bullish on Bitcoin
The sentiment on crypto Twitter and among retail investors has been one of “panic,” however, QCP Capital reports that large hedge funds are “aggressively buying Bitcoin.” The digital assets trading and market making firm has identified institutions buying December and March calls, with a target of the $100,000 to $120,000 level for Bitcoin.
The macro sentiment is positive, per QCP’s analysts and they are quoted saying “inflation is slowing down.” The market has priced a 95% chance of a rate cut in September, aligned with gains in Bitcoin and cryptocurrency prices.
Bitcoin could extend gains, rally to $63,000
Bitcoin is in an upward trend, forming higher highs and higher lows since July 8, as seen in the BTC/USDT daily chart below. Bitcoin rallied to its 10-day high on Sunday, up to $60,324, on Binance.
The momentum indicator, Moving Average Convergence Divergence (MACD) supports the gains in Bitcoin. The MACD line crossed above the signal line and the green histogram bars above the neutral line, signal a positive underlying momentum in Bitcoin price.
BTC could extend gains by nearly 6% and hit $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 faces resistance at the upper boundary of the Fair Value Gap (FVG) at $61,806.
BTC/USDT daily chart
Bitcoin could find support at $60,000 and the July 12 low of $56,542.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.