An assassination attempt on Donald Trump occurred on Saturday night, leading to a notable reaction in the cryptocurrency markets, as highlighted by Santiment, a top analytic firm. Bitcoin (BTC) rebounded sharply, reaching a 10-day high of $60,300. Similarly, TRUMP, a crypto token associated with Trump, surged by 63% as the news broke.
This event highlights the complex interplay between significant political events and cryptocurrency markets. As the 2024 US presidential election approaches, the cryptocurrency community has shown a consistent bullish response to pro-Trump news.
Trump’s recent pro-crypto comments have further fueled this sentiment. Consequently, surviving an assassination attempt is perceived as positive news for Trump, leading to bullish market responses.
Germany Re-enters Bitcoin Market with $1.89 Investment: A Sign of Renewed Interest?Bitcoin, often seen as a barometer for the broader crypto market, experienced significant gains. It is currently trading at $62,910, up 4.81% in the last 24 hours. The market cap also rose by 4.81%, reaching $1.24 trillion. Trading volume surged to $25.35 billion, marking a 27.17% increase.
Support and resistance levels have played a crucial role in Bitcoin’s price action. The key support level of around $60,000 has held firm, providing a solid base for further upward movement.
Bitcoin initially struggled to stay above this level, but once it did, it set the stage for further gains. Brief resistance was encountered at $61,000, but the price soon surged higher. Currently, Bitcoin is consolidating around the $61,500 resistance level.
The 1-week RSI is at 55.04, indicating that the cryptocurrency is neither overbought nor oversold. However, the 1-week MACD trading below the signal line suggests that a bearish trend may be forming. Despite this, Bitcoin’s recent performance has shown a strong upward trend, breaking through several resistance levels.
As further noted by Crypto Tony, a top analyst, the $60,500 reclaim would be a significant milestone for the bulls. Achieving this would signal real strength and could lead to further upward movement.
Rekt Capital, an analyst, states that Bitcoin is currently less than 1.5% away from positioning itself for an important reclaim of $60,600 as support. The next 24 hours will be crucial in determining whether Bitcoin can protect the reaccumulation range and maintain its upward momentum.
