The price of Bitcoin has resumed its upside momentum, after it rallied above the $63,000 price, amid bullish market sentiments.
Following its resumption to the upside after trading its lowest at $56,000 price the previous week, analysts predict a bullish rally. On-chain analysts and capital market experts predict the rally to continue for longer periods as Whales, institutional investors, and retail investors have started to buy BTC again.
Also, following the assassination attempt on the former US President and the current Republican presidential candidate Donald Trump, the price of Bitcoin began its rally immediately after the incident. The broader market rally saw a significant jump in prices of ETH, SOL, BNB, and TON.
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“Over the weekend, Bitcoin surged over $62,000 as Donald Trump’s chances of reclaiming the White House in November increased, pushing BTC’s price up,” said Edul Patel, CEO of Mudrex.
Notably, over 38,900 crypto traders were liquidated out of $113 million leveraged positions out of which over $90 million were short positions. Bitcoin alone accounted for $47 million in liquidation that occurred in the last 24 hours, according to Coinglass data.
Matrixport predicts BTC buying activity will sustain for a longer period, making it less reliant on macroeconomic events. The forecast came in response to more than $1 billion in inflow into spot Bitcoin ETF in the U.S. in a week. The ETF inflows were closely linked to cooling inflation and slowing labor market in the United States.
It is however worth noting that Bitcoin didn’t climb alone. It pushed up other cryptocurrencies as well, including some Trump-themed tokens that led the surge in PolitiFi meme coins Sunday night.
Super Trump (SSTRUMP) surged by 11.5% in the last 24 hours after lodging a 34.5% rally throughout the past week. MAGA VP (SMVP) climbed by 3.8%, MAGA Coin BSC (SMAGA) was up by 11.2%, and MAGA PEPE (SMAGAPEPE) increased by over 3%. Trump Inu (STINU) also surged by 6%, and even the controversial TrumpCoin ($DIT) saw a spike of 5.5% on the last day.
Major meme coins also saw a significant increase in their prices over the weekend. The largest meme coin by the market cap Dogecoin was up over 3% in the last 24 hours and is currently trading at $0.1176. Meme coins PEPE and Dofwifhat saw the most gains in the last 24 hours with both trading 6% higher.
After a turbulent start to July, the overall sentiment surrounding the broader crypto market has flipped bullish in the last 72 hours. After consecutive macroeconomic indices published in the latest US Non-Farm Jobs and Consumer Price Index (CPI) data, resurgent bull traders switched towards an optimistic outlook for an imminent Fed rate cut.
Michael Saylor, co-founder of MicroStrategy business intelligence giant, which has become a leader in accumulating Bitcoin over the past four years, making it part of its development strategy, has addressed the crypto community with a bullish BTC tweet.
He recently tweeted “Don’t miss the flight”. Saylor has been a strong advocate for Bitcoin’s bullish movement, urging traders to acquire more BTC.
Fuelled by positive headwinds from anticipated US Fed rate, and crypto-friendly candidate Donald Trump’s lead in the US 2024 Presidential Elections race, Bitcoin has emerged as one of the biggest gainers amid the current bullish market phase. In conclusion, Bitcoin’s recent price action and technical indicators point towards a bullish outlook with a viable target of $65,000.