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
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</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
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</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
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</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

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