Bitcoin surged past $60,000 on July 14, reaching a 10-day high of $60,400 following an assassination attempt on U.S. presidential candidate Donald Trump, which added volatility to the market.
BTC Price Spikes Above $60,400
Data from TradingView tracked the market surge as news of Trump’s survival broke. Bitcoin’s performance was uncharacteristically strong for a weekend, with traders focusing on the weekly close and the start of legacy market trading to gauge the rally’s sustainability.
Crypto trader Tony highlighted the importance of reclaiming $60,500, describing it as a crucial sign of strength for Bitcoin bulls. Similarly, analyst Rekt Capital emphasized the significance of maintaining the $60,600 support to protect Bitcoin’s post-halving “reaccumulation range.”
Weekend Volatility and Bear Trap Potential
Bitcoin’s price increase of 5% from the July 12 close also created a notable gap in CME Group Bitcoin futures, potentially waiting to be filled. Popular trader Daan Crypto Trades suggested the possibility of a bear trap, noting that the current low liquidity and volume could leave many market participants sidelined.
Key Trendline Reclaims
Bitcoin’s move to a 10-day high enabled BTC/USD to attempt reclaiming the 200-day moving average, which stood at $59,207 as of July 14. This trendline, along with others like the short-term holder realized price, has been lost in recent weeks but remains critical for maintaining the bull market momentum.
The average purchase price for investors in U.S. spot Bitcoin exchange-traded funds, another key trendline, was $58,240 on July 10, according to Checkonchain data.
