Bitcoin posted a solid recovery on July 15 amid intense buying pressure that saw prices recover from a two-month low below $55,000 to $63,453.
All the top ten largest cryptocurrencies by market capitalization are trading in the green today, with the global market cap up by 5.29% in the last 24 hours.
The recent gains across the market come after former US President Donald Trump survived an assassination attempt. Trump has become a key figure in the crypto industry because of his pro-Bitcoin and pro-crypto remarks.
According to crypto market researcher Will Clemente, Bitcoin’s recent reaction to news about Trump shows that the market is ready to begin pricing in the Republican candidate’s possible victory in the November elections.
Based on Bitcoin’s reaction so far, looks like markets are going to begin pricing in a full Trump victory
— Will (@WClementeIII) July 13, 2024
ZyCrypto reported that Trump is also expected to speak at the Bitcoin 2024 Conference slated for late July. The market anticipates that his speech will feature more announcements on how his administration will create a friendly environment for crypto businesses.
Bitcoin Flips Bullish
Bitcoin was trading at $62,805 on July 15 at 06:28 a.m. EST. According to analysts, the largest crypto by market cap is on bullish momentum, with the uptrend expected to continue.
Trader @CryptoMichNL on X says that the assassination attempt on Trump increased global uncertainty, creating the “ideal climate for Bitcoin to go upwards consistently.” The German government has also finished selling its Bitcoin, alleviating market fear of selling pressure.
Buyers appear to have the upper hand, further supporting the bullish thesis. According to CryptoQuant, whales and institutional investors are accumulating BTC again, with further buy orders expected with Bitcoin exchange-traded funds (ETFs).
“The fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into the Bitcoin spot ETF on weekdays, so the possibility of a further rebound is open,” the analysis said.
Analyst @DaanCrypto supports the bullish thesis, saying ETF inflows might positively impact prices this week. Last week, spot Bitcoin ETFs posted over $1 billion in inflows, absorbing the selling pressure from the German government. If ETF inflows continue this week without selling pressure, a parabolic rally is expected.
The recent gains by Bitcoin have also shifted the market sentiment. The Bitcoin Fear and Greed Index has shifted from fear to neutral, showing traders’ willingness to return to the market.
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