After falling to $53,600 on Friday, the price of Bitcoin rose over the weekend and surpassed the $63,000 level today. This represents a massive 17% increase since last Friday, bringing it to this level for the first time in two weeks. This increase could result from several things.
“Trump Bitcoin Pump,”
The attack on former president and 2024 presidential candidate Donald Trump’s life coincided with a surge in Bitcoin’s price. The event impacted his chances of winning the next election; speculative market Polymarket currently estimates a 70% chance of his victory.
On X, cryptocurrency analyst Will Clemente III said, “Prediction markets are rising with the prospects of a Trump victory in November.” He added, “Markets will start evaluating a full Trump victory based on Bitcoin’s reaction so far.”
Macro analyst Alex Kruger expands on the Trump administration consequences for financial markets. “The Trump Trade is now on its way. A Trump victory, or expectation of one, means optimism for crypto as a Trump government is expected to create supportive regulations for cryptocurrencies, boosting innovation and adoption.”
German sales end
The German government’s subsequent completion of a massive Bitcoin sell-off also helped boost prices.
James “Checkmate” Check, a leading on-chain analyst, remarked on the incredible strength of the BTC price on X, “Folks, Bitcoin just absorbed a 50k BTC market sell order in a few weeks. It dipped ~25%, in a very structured and orderly correction. Last time something like this happened was LUNA selling ~80k $BTC and price dropped from $46k to $25k, and soon after to $17k. Not the same.”
DXY Is Displaying Deficiency
The US Dollar Index (DXY), which measures the dollar against a basket of foreign currencies, has fallen 1.8% in the last two weeks to a five-week low of 104.
The rise in the US government deficit, which reached $1.27 trillion so far in June, and fears of a further interest rate cut have contributed to the dollar’s decline and prompted investors to invest in riskier assets such as bitcoin and cryptocurrencies.
Bitcoin miner surrender ends
Joe Burnett, another well-known crypto analyst, stated on X yesterday that a month-long phase of Bitcoin miner surrender is nearing an end, implying a probable reversal in negative pressure on Bitcoin’s price.
Technical Breakouts
Technically speaking, Bitcoin crossed both a declining trendline and the important 200-day exponential moving average (EMA) on Saturday. BTC was trading at $63,105 at the time of publication.
