Bitcoin appears to have broken a downtrend. What’s next?

Bitcoin (BTC) has seen a big 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 in the present day, 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 in opposition to 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 constructive response in the direction of Trump, as a consequence of his latest feedback supporting crypto belongings.

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

“For sure, 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 experiences 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 word that some of these market reactions will probably proceed to happen with any main political information in america for the rest of 2024.

Bitcoin should break above $63,000 if it desires 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 are going to 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 might 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 eventualities for bitcoin. From his bullish standpoint, BTC will surpass $60,000 if it stays within the zone with energy (one thing that has not occurred to this point). If it succeeds, it turns into “extremely mega bullish” within the quick time period and goals for a brand new ATH.

Within the bearish state of affairs, it coincides with SantinoCripto. If the world of ​​​​60,000 {dollars} shouldn’t be exceeded, some additional fall will probably be seen, with the potential of falling to $50,000and “all the pieces will stay at a standstill” for just a few extra weeks, he says.

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