Champion of cryptocurrency: Bitcoin soars following Trump’s attempted assassination

Bitcoin experienced a significant rise over the weekend, reaching $62,800 on Monday, July 15, 2024.

The cryptocurrency has seen a 10% increase in the past three days, bolstered by two major developments: the cessation of German BTC sales and the political advantage gained by U.S. presidential candidate Trump, who presented himself as a champion for cryptocurrency, following an assassination attempt.

Weekend rally breaks downtrend

The weekend saw Bitcoin break through several critical levels. After hitting a low of $56,500 on Friday, BTC surged past the $60,000 mark during Saturday and Sunday trading sessions.

July 15 price

On July 15, Bitcoin continued its upward momentum, trading at around $62,800, marking a more than 3% increase for the day. BTC has successfully broken the downtrend that began on June 7 at $72,000.

Additionally, it surpassed key moving averages at approximately $59,500, including the 5-day, 22-day, and 200-day averages.

Key levels to watch for BTC

The next resistance levels for BTC are between $63,200 and $63,800. Further significant targets include the 50-day moving average at $64,000 and the 100-day moving average at $64,500.

On the downside, $60,000 serves as a psychological and technical support level.

Factors behind bitcoin’s rise

• Trump’s political advantage: In the U.S., Trump’s crypto-friendly stance has gained more attention following an assassination attempt, giving him an edge in his presidential campaign.
• End of German BTC sales: The completion of BTC sales by German state institutions has removed selling pressure from the market.

Ethereum also on rise

Ethereum, the second-largest cryptocurrency by market capitalization, has also seen a notable increase.

On July 15, Ethereum tested the 100-day moving average at $3,340. Having dipped to $3,050 on Friday, Ethereum has risen by 10% over the past three days.