Donald Trump

Bitcoin

Rekt

Bitcoin&nbsp;traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/04bda0d8-bb3f-4de5-b604-a645256e764b.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-spikes-above-60-400">BTC price spikes above $60,400</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked a crypto market surge as news of the attack, which Trump survived, came in.
Local highs of $60,423 on Bitstamp marked Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) highest value since July 4.
Amid uncharacteristically strong performance for a weekend, traders looked to the weekly close and start of legacy market trading for proof that the rally had legs.
“$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,” popular trader Crypto Tony <a href="https://x.com/CryptoTony__/status/1812385098152435919" target="_blank" rel="noopener nofollow">argued</a> in a post on X.
Trader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halving “reaccumulation range” now under threat.
“Bitcoin is less than -1.5% away from positioning itself for an all-important reclaim of $60,600 as support,” he <a href="https://x.com/rektcapital/status/1812278026001858811" target="_blank" rel="noopener nofollow">wrote</a> overnight.
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 “Bitcoin has 24 hours to do so to protect the ReAccumulation Range.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/1c5f8431-d609-4808-86c7-79b566516f16.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 BTC/USD chart. Source: <a href="https://x.com/rektcapital/status/1812278026001858811/photo/1" target="_blank" rel="noopener nofollow">Rekt Capital</a>
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With price now up 5% versus the July 12 close, a significant “gap” in CME Group Bitcoin futures lay potentially waiting to be filled.
For popular trader Daan Crypto Trades, however, there was a chance of a different outcome — a bear trap.
“Still a weekend move, but if there’s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn’t think of a much better spot to do so,” part of his latest X content stated.
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 “Anyways, liquidity/volumes relatively low and yet to be seen how stocks open up tomorrow.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/794d3cc0-f088-4b7a-af7d-664631ab08f3.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 BTC/USDT chart. Source: <a href="https://x.com/DaanCrypto/status/1812118384311463988" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
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The latest live data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> showed ask liquidity clustering at $60,660 at the time of writing, with support thickening below the $60,000 mark.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/ade3ebc8-247c-46ef-a183-a5e45cb0613d.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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<h2 data-ct-non-breakable="true" id="bitcoin-bulls-snatch-at-trend-line-support">Bitcoin bulls snatch at trend line support</h2>
The move to 10-day highs meanwhile allowed BTC/USD to attempt a reclaim of the key <a href="https://cointelegraph.com/news/bitcoin-price-loses-200-day-trendline-first-time-in-10-months">200-day moving average</a>, at $59,207 as of July 14.
Related:&nbsp;<a href="https://cointelegraph.com/news/buying-the-dip-bitcoin-institutional-investors-add-100k-btc-week">Buying the dip? Bitcoin institutional investors add 100K BTC in a week</a>
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/e97e633c-6949-4a52-aa5a-116cfa04f004.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 BTC/USD 1-day chart with 200MA. Source: TradingView
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This formed one of several “bull market trendlines” lost in recent weeks. As Cointelegraph reported, others <a href="https://cointelegraph.com/news/bitcoin-speculators-hodl-2-8-m-btc-worst-performing-price-cycle">include the short-term holder realized price</a> — the aggregate cost basis of Bitcoin market speculators.
Around the same level as the 200-day trend line is the average purchase price for investors in the US spot Bitcoin exchange-traded funds.
Per data from onchain analytics resource Checkonchain, <a href="https://x.com/_Checkmatey_/status/1811051406184378585" target="_blank" rel="noopener nofollow">uploaded</a> to X by its founder Checkmate, this stood at $58,240 on July 10. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/62c0d24c-3c05-4853-a93b-df05405521b0.png" alt="Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K" title="">
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 US spot Bitcoin ETF cost basis. Source:<a href="https://x.com/_Checkmatey_/status/1811051406184378585" target="_blank" rel="noopener nofollow"> _Checkmate</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K

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Cointelegraph

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