Bitcoin traders are caught in a bearish trap as the price of BTC hits a 10-day high of $60.4K.
On July 14, Bitcoin traded above $60,000 as an assassination attempt on US presidential candidate Donald Trump exposed BTC price volatility.
BTC price rose above $60,400.
Data from Cointelegraph Markets Pro and TradingView tracked the rise in the crypto market as news of Trump's surviving attack broke.
The high of $60,423 on Bitstamp marked the highest price for Bitcoin (BTC) since July 4th.
Unusually for a weekend performance, traders looked to the start of weekly recent and legacy market trading to confirm the rally has legs.
“It was great to see a $60,500 return for the bulls today. A real sign of strength if we get it,” argued popular crypto trader Tony in a post on X.
Trader and analyst Rect Capital has given importance to the same position as BTC/USD struggles to maintain its post-halving “re-accumulation range”.
“Bitcoin is less than -1.5% from positioning itself as support for a much-needed recovery to $60,600,” he wrote overnight.
“Bitcoin has 24 hours to maintain restock range”.
With prices now up 5% near July 12, CME Group Bitcoin futures are looking to fill a significant “gap.”
For popular trader Daan Crypto Trades, however, there was a chance of a different outcome – a bear trap.
“It's still a weekend trip, but if there's a place to get away with it and avoid the crowds, I can't think of a better place to do it,” said the latest X content piece.
Anyway, liquidity/volumes are relatively low and it remains to be seen how stocks will open tomorrow.
Watch Wealth's latest live data showed CoinGlass asking for a liquid cluster at $60,660, with support below the $60,000 mark.
Bitcoin bulls grab at trendline support.
The move to 10-day highs allowed BTC/USD to try to recover the key 200-day moving average from July 14 at $59,207.
Related: Buying Dip? Bitcoin institutional investors add 100K BTC in a week
This created one of the many “bull market trends” that have disappeared in recent weeks. As Cointelegraph reports, others include short-term holder guaranteed value – the basis for the total cost of Bitcoin market speculation.
At the same level as the 200-day trend line is the average purchase price of US spot bitcoin investors.
According to data from onchain analytics resource Checkonchain uploaded by founder Checkmate to X, this reached $58,240 on July 10.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
