Bitcoin

Bitcoin bulls are back! 
Riding high on the failed assassination on Donald Trump, the queen of cryptocurrencies has gone over $60,000 for the first time in weeks. In an earlier analysis, <a href="https://www.cryptopolitan.com/did-bitcoin-just-make-a-quick-bullish-reversal/">Cryptopolitan stated</a> that breaching the $60k level would confirm a proper bullish reversal. And it has! 
Bitcoin’s price crossing the 20-day EMA and approaching the 50-day EMA shows strong bullish sentiment. The SAR indicator, set at $60,514.50, is slightly above the current price.&nbsp; 
<figure id="attachment_555278" aria-describedby="caption-attachment-555278" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-555278 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1.png" alt="Bitcoin shoots past $60K as Trump's failed assassination brings the bulls back" width="2108" height="1502" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1.png 2108w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1-300x214.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1-1200x855.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1-768x547.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1-1536x1094.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/BTCUSD_2024-07-14_20-15-01-1-2048x1459.png 2048w" sizes="(max-width: 2108px) 100vw, 2108px">
 <figcaption id="caption-attachment-555278" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure> 
If Bitcoin continues its upward trend and crosses this SAR value, it would signal a strong buy, reinforcing the bullish outlook. The Ichimoku Cloud, with parameters (9, 26, 52, 26), shows a mix of bullish and bearish signals. 
The price has recently moved above the cloud, which typically indicates a bullish trend. The conversion line and base line are moving closer, and a crossover here would be what solidifies the bullish reversal. 
The MACD shows a value of 348.78, with the MACD line crossing above the signal line, which is currently at -1,597.82. The histogram bars are also positive, supporting the bulls.&nbsp; 
The Stochastic RSI, with parameters (3, 3, 14, 14), shows a value of 91.18, with the signal line at 78.12. This high value indicates that Bitcoin is in the overbought territory, suggesting that a short-term pullback might occur. 
However, in strong bullish trends, assets can remain overbought for extended periods. Bitcoin’s on-chain <a href="https://app.intotheblock.com/coin/BTC/quick-view" rel="nofollow noopener" target="_blank">signals</a> are also mostly bullish. And the bulls and bears are matching numbers. 
<figure id="attachment_555282" aria-describedby="caption-attachment-555282" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-555282 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51.png" alt="Bitcoin shoots past $60K as Trump's failed assassination brings the bulls back" width="1920" height="759" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51-300x119.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51-1200x474.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51-768x304.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.30.51-1536x607.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-555282" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
86% of Bitcoin holders are currently in profit. Its social volume and dominance have spiked over the past five days. BTC is dominating conversations on social media. 
<figure id="attachment_555285" aria-describedby="caption-attachment-555285" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-555285 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024.png" alt="Bitcoin shoots past $60K as Trump's failed assassination brings the bulls back" width="1920" height="650" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024-300x102.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024-1200x406.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024-768x260.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Bitcoin-BTC-20.35.58-14-Jul-2024-1536x520.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-555285" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
In the derivatives market, traders have switched up their strategies completely. First, the volume of Bitcoin derivatives has seen an increase of 49.98%, reaching $43.08 billion. 
The open interest has also risen by 4.57% to $31.12 billion. An increase in open interest typically means there is new money entering the market, thanks to the bullish sentiment. 
<figure id="attachment_555286" aria-describedby="caption-attachment-555286" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-555286 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35.png" alt="Bitcoin shoots past $60K as Trump's failed assassination brings the bulls back" width="1920" height="484" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35-300x76.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35-1200x303.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35-768x194.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-14-at-20.41.35-1536x387.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-555286" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Despite this, the options open interest has seen a modest increase of 2.18%. This means that while fewer new options contracts are being traded, existing positions are still being held or rolled over. 
The long/short ratio over the past 24 hours is slightly above 1 at 1.0178, indicating a slight bias towards long positions. This means that traders are generally optimistic about Bitcoin’s price increasing. 
Notably, the Binance BTC/USDT long/short ratio for accounts is higher at 1.2153, and even higher for top trader accounts and positions. Here, we see a more pronounced bullish sentiment among more experienced or higher-volume traders.

Bitcoin shoots past $60K as Trump’s failed assassination brings the bulls back

Cryptopolitan_News

Other articles published on Jul 14, 2024

Cardano Founder Saddened by Trump Shooting, Says US Politics Have Become Toxic

“Bitcoin Bridges Chaos to Hope” Says Michael Saylor as BTC Hits $60K

MoonBag Claimed The Title ‘Best Presale in July 2024’, Sparking Curiosity Among EOS and Toncoin I...

MoonBag Staking Rewards Crush Gnosis and Landwolf as Investors Run to Claim 88% APY

Is Alephium’s New APS the Answer to Blockchain’s Security Concerns? Here’s What You Need to Know

A Tech Maverick’s Path to Crypto Wealth: Can BlockDAG Dethrone Cardano with 30,000X ROI Potential?

Join our free newsletter for daily crypto updates!