Investors are excited in line with global markets about a possible recovery in Donald Trump’s image following the assassination attempt that occurred over the weekend.
Bitcoin recovers more than 4% and exceeds its key value of US$62,000 after the attack suffered by the presidential candidate, Donald Trump, this weekend. The developments increase Trump’s chances of winning the November election, according to all strategists, and this is boosting bitcoin, as the Republican supports digital assets.
“Bitcoin, which has been struggling since early June, surged above $62,000 after the incident in search of safety and because Trump supports the asset,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
‘Bloomberg’ points out that the increases in dollar that are observed today, the declines in the Mexican peso and the increases in bitcoin “reflect speculation about the Republican’s return to the presidencywhich would bring tax cuts, higher tariffs and laxer regulations.” Ethereum is also advancing: it is up 4.3%, to US$3,300. The rest of the altcoins are also trading with a positive sign.
Rania Gule, market analyst at XS.com, noted that the cryptocurrency market responds to this type of news with a high volatility, given his close ties to Trump, and that he may “to achieve gains similar to those observed after the debate” which favored the Republican candidate in June. “So I think US political news is driving cryptocurrencies’ gains because it is a ‘speculation-driven’ space,” he added.
Can Bitcoin’s optimism continue?: What variables is the market looking at?
In this sense, this expert indicates that large hedge funds are seeing “very high liquidity flows”, meaning that “they are buying bitcoin with force.” This, he added, could support the leading cryptocurrency’s “continued rise” to the $100,000-$120,000 target in the medium to long term. It is worth mentioning that BTC spot exchange-traded funds (ETFs) added more than $700 million net to their assets in the past eight days.
This would be due to the general feeling of the market has turned positive, especially since the latest data indicates that US inflation is slowingSpecifically, the market has priced in a 95% probability of interest rate cuts in September, supporting continued near-term gains for cryptocurrencies.
What is expected with the price of Bitcoin?
Technically, César Nuez, an analyst at Bolsamanía, highlighted that the performance at this price level is very important. “If it manages to surpass US$64,335, it is very likely that we could see another attack on the historical highs that it drew in mid-March at US$74,415. Below is the support that we will not lose sight of. It is located in the vicinity of US$50,000, levels where it presents the average of 200 sessions“, he said.
Source: Ambito
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