Trump Assassination Shocks Market: Bitcoin Soars Back to $60,000
Despite experiencing significant price fluctuations in recent weeks, Bitcoin has successfully rebounded to the $60,000 price range. This recovery not only highlights Bitcoin’s market resilience but also reveals the investment trends of large investors, commonly referred to as “whales.”
According to data from IntoTheBlock, Bitcoin whale activity has surged significantly over the past week, with approximately 71,000 BTC transferred to whale wallets. Considering Bitcoin’s average price of around $57,000 at the time, these transactions amounted to over $4 billion.
Further analysis indicates that wallets holding between 1,000 and 10,000 BTC have been particularly active recently, suggesting that this group of investors is driving the whale activity. These wallets collectively hold over 4.7 million BTC, underscoring the concentration of wealth within the network.
The upward trend in Bitcoin’s price is supported by additional data. AMBCrypto’s chart analysis shows a series of upward trends for Bitcoin over the past weekend. On July 12, Bitcoin’s price increased by nearly 1%, approaching $58,000. The following day, the price rose by over 2%, breaking through $59,000. Recently, Bitcoin continued its ascent, climbing by over 1% to re-enter the $60,000 range.
Bitcoin’s price surge coincided with news of an assassination attempt on former U.S. President Donald Trump. This event attracted widespread market attention, with some investors possibly interpreting it as a signal that Trump’s chances of winning the next presidential election might increase. Trump’s political stance and statements have consistently influenced market sentiment, and this event may have impacted Bitcoin’s price movements to some extent.
It’s important to note that Bitcoin’s price increase is not solely a direct result of the Trump event. Technical analysis shows that Bitcoin’s Relative Strength Index (RSI) is near the neutral line, indicating that the market remains in a volatile state. While Bitcoin has successfully broken through the resistance of the long-term moving average (blue line), the short-term moving average (yellow line) still poses a significant resistance level.
