Bitcoin seems to have damaged a downtrend. What’s subsequent?

Bitcoin (BTC) has seen a major value rally over the previous 24 hours, reaching $60,000. This rally marks a attainable finish to the downtrend that has been affecting the digital forex.

The crypto asset has been on a downward development since hitting a brand new all-time excessive (ATH) of $73,700 4 months in the past.

BTC is buying and selling at $59,500 right now, after buying and selling at $55,000 every week in the past, as proven within the TradingView chart beneath.

Santiment, a market evaluation agency, attributes the rise of bitcoin to the assassination try towards former US President and Republican presidential candidate Donald Trump, which occurred yesterday, July 13.

Trump was at a marketing campaign occasion within the state of Pennsylvania, the place he was injured after a sniper tried to assassinate him.

“Contemplating the gravity of any assassination try on a public (or personal) determine, in addition to the very totally different political stances on cryptocurrencies, it’s simple {that a} bullish bias has been seen across the 2024 US presidential candidate,” the corporate stated through X.

Because the US presidential election approaches in November, Bitcoin and cryptocurrency traders are displaying a optimistic response in the direction of Trump, as a result of his current feedback supporting crypto property.

As reported by CriptoNoticias, the Republican presidential candidate stated he’ll make sure that the “way forward for bitcoin and cryptocurrencies is made within the U.S.”

“Evidently, surviving an assassination try is perceived as pro-Trump information. So there have been bullish responses,” says Santiment.

Within the following graph you may see the habits of BTC within the midst of what occurred with Trump. Initially, BTC falls as reviews of homicide try are made and the candidate’s well being standing is unknown.

After the hazard for Trump passes, the digital forex rises by 2.5%, reaching $60,000 for the primary time in 10 days.

Santiment cautions that no matter political beliefs, you will need to observe that a lot of these market reactions will possible proceed to happen with any main political information in america for the rest of 2024.

Bitcoin should break above $63,000 if it needs to proceed rising, specialists say

“We should not declare victory for Bitcoin but till the forex returns to the $63,000 or $64,000 zone,” says Spanish dealer and influencer SantinoCripto.

The dealer explains that, for the second, BTC stays beneath the downtrend line (A) short-term, began in early June. This may be seen within the following chart.

“As soon as we break the bearish development line (A), which is the short-term one, it is vitally attainable that we’ll search for the (B) line, which was began in March (when it reached ATH), greater than 4 months in the past,” he factors out.

If bitcoin breaks above $63,000, the dealer expects that The asset will embark on a bullish trajectory in the direction of the $68,000 markthough it could nonetheless be 7% away from its historic most.

“Till we break $63,000, a drop to $50,000 ranges can’t be dominated out,” he stated.

The dealer who identifies himself as Cryptokakarot on the X social community, identifies two situations for bitcoin. From his bullish perspective, BTC will surpass $60,000 if it stays within the zone with power (one thing that has not occurred to date). If it succeeds, it turns into “extremely mega bullish” within the quick time period and goals for a brand new ATH.

Within the bearish situation, it coincides with SantinoCripto. If the world of ​​​​60,000 {dollars} isn’t exceeded, some additional fall shall be seen, with the opportunity of falling to $50,000and “the whole lot will stay at a standstill” for just a few extra weeks, he says.

An identical stance is held by the dealer whose pseudonym is IamCryptoWolf, who mentions that if BTC breaks by the $61,000-$62,000 vary and holds it as assist, it is going to as soon as once more be in full bullish territory.