Bitcoin’s Potential Surge Amid Geopolitical Uncertainty and Ethereum ETF Launch

Germany’s recent decision to sell their Bitcoin holdings has stirred the global cryptocurrency market. As noted by Michaël van de Poppe, CIO & Founder of MN Trading Consultancy, rising geopolitical uncertainty, such as the assassination attempt on former President Donald Trump, has created an ideal environment for Bitcoin to potentially surge.

Besides, the impending launch of an Ethereum ETF this week adds further momentum. The live Bitcoin price at press time is $62,734.57, with a 24-hour trading volume of $27,476,374,132, showing a 4.20% increase over the last 24 hours.

Currently, the daily price movement of Bitcoin against Tether on the Binance exchange reveals critical support and resistance levels. The $50,521.95 level has historically acted as significant support, particularly noted during the last FOMC meeting, indicating strong buying interest. Moreover, the $55,000 to $57,500 zone has provided substantial support in the past, making it a crucial area to monitor if the price declines.

On the resistance side, Bitcoin is now around $60,748.29, a notable resistance level that aligns with a recent breakout attempt. Further resistance levels include $67,789.00, marking the upper boundary of the previous trading range. Additionally, the $71,679.70 to $73,650.25 range represents a significant resistance zone where the price has faced rejections during past attempts to break higher.

Recent price action shows Bitcoin bouncing from the $55,000 support zone, suggesting strong buying pressure. A breakout attempt above $60,748.29 indicates bullish sentiment. 

Observations from the Relative Strength Index (RSI) suggest the price movement is currently around the mid-level, indicating neither overbought nor oversold conditions. 

As further highlighted by CryptoJelle, an analyst, on a monthly chart Bitcoin’s overall trend appears bullish, characterized by higher highs and higher lows. The price has seen a substantial rally from lows around $28,000 to current levels above $60,000. 

There was a notable pullback just below $80,000, indicating strong resistance. However, the consolidation between $52,000 and $80,000 suggests accumulation, possibly in preparation for the next upward move.

Key long-term support levels include $52,000, a level tested multiple times, and $42,000, which has provided a base during past corrections. The zone between $28,000 and $34,000 represents a broader support area with strong buying interest. On the resistance side, breaking above the current $62,893.90 could continue the uptrend.