Bitcoin Price to $70k?: Trump Shooting Triggers 15% Gains for BTC, Coinbase and MicroStrategy

Bitcoin Price Analysis After Trump Shooting

Bitcoin price reached the $65,000 mark on July 16, its highest in over 3 weeks dating back to June 21, market data shows how the recent assassination attempt on Donald Trump has played a pivotal role.

Bitget CEO says BTC 15% Price Surge Linked  to Trump Shooting

Bitcoin price had a turbulent start to July 2024, battling bearish macroeconomic headwinds. But in a remarkable turn of events, that has included back-to-back dovish US macroeconomic indices, and assassination attempt on Presidential Candidate, the crypto market sentiment had dramatically flipped bullish over the last 3 days of trading.

Bitcoin has surged past $64,000 following an assassination attempt on former President Donald Trump. The incident, which occurred at a rally on Saturday, has invigorated the cryptocurrency market, propelling Bitcoin and other major digital assets upward.

Bitcoin, which had been languishing below $60,000 for approximately ten days, experienced a significant rebound over the weekend.

Bitcoin price fell as low as $56,550 during the market dip on Friday July 5. But following the events that occurred over the last 72-hours, the world’s largest cryptocurrency saw a blistering 15% increase, climbing to a 25-day peak of $65,004 on Tuesday, July 16.

This rally is part of a broader crypto market recovery, with Ethereum (ETH) and Binance-coin (BNB) also posting notable gains.

The assassination attempt on Trump, a pro-crypto figure and the presumptive Republican candidate for the 2024 presidential election, has had a profound impact on market sentiment.

Gracy Chen, CEO of Bitget, noted that the crypto community, particularly those who view Trump as a staunch advocate for digital currencies, reacted with a surge of enthusiasm following the incident. Trump’s survival and continued support for cryptocurrency policies have reinforced bullish sentiments within the market.

Adding to the positive momentum, Trump announced the selection of crypto-friendly Senator J.D. Vance as his running mate for the upcoming election. Moreover, Trump is scheduled to speak at the Bitcoin 2024 conference in Nashville later this month, further solidifying his ties to the cryptocurrency sector.

The influence of Trump’s political maneuvers on the cryptocurrency market extends beyond Bitcoin. Trump-themed memecoins and crypto-related stocks have also seen substantial gains. For instance, Coinbase’s (COIN) stock surged by more than 11%, while MicroStrategy (MSTR) ended the day with a 15.3% increase.

This surge comes despite previous downward pressures on Bitcoin, including significant selling by Mt. Gox and the German government. The assassination attempt and Trump’s continued advocacy for crypto have shifted the narrative, providing a temporary reprieve from bearish trends and setting the stage for potential future gains.

As the market continues to digest these developments, the upcoming Bitcoin 2024 conference in Nashville will likely be a pivotal event, shaping both market dynamics and regulatory outlooks in the months leading up to the presidential election.

Bitcoin Price Forecast: $70k Rally Within Range

Bitcoin’s recent price movement showcases a significant bullish trend, with the cryptocurrency currently trading at $63,582.33. Over the past four days, Bitcoin has surged by approximately 15.15%, marking a robust recovery from its earlier dip.

The Parabolic SAR (Stop and Reverse) indicator shows that the dots have flipped below the price, suggesting a bullish trend is in play. This positive shift in momentum is further supported by the Relative Strength Index (RSI), which stands at 57.50, indicating healthy buying pressure but still within a safe range away from overbought territory.

Key resistance levels to watch include $65,000, which is the most immediate hurdle Bitcoin needs to surpass to continue its upward trajectory.

Breaking this resistance could pave the way for a potential rally towards $70,000, a significant psychological and technical level. Historical data suggests that surpassing $65,000 could ignite further bullish sentiment, attracting more buyers into the market and driving the price higher.

On the downside, the $60,000 level now acts as a crucial support. This level has previously served as resistance and is likely to provide strong support if Bitcoin faces any short-term pullbacks. Below this, the Parabolic SAR value at $54,148.08 offers additional support, aligning with previous price action where Bitcoin found buyers in this region.