HD: How Trump’s pro-crypto stance might be fueling Bitcoin’s surge
HD: Bitcoin breaks $67,000 barrier as market sentiment shifts
- BTC has climbed to the $67,000 price position.
- Long positions are now dominating the market with current price moves.
In recent weeks, Bitcoin [BTC], alongside the broader cryptocurrency market, has seen a notable improvement in reputation and sentiment.
This positive shift was reflected in several key indicators, particularly in the dynamics of BTC’s long and short positions and recent price trends.
Bitcoin moves into the $67,000 zone
AMBCrypto’s analysis of Bitcoin’s daily time frame chart showed a positive momentum over the last 24 hours.
BTC closed the trading session on the 25th of July with a modest increase of less than 1%, bringing its price to around $65,795.
Since then, the price has continued its upward trajectory, rising to over $67,000 after an approximate 2% increase.
The $63,000 price level has been established as a confirmed support area, reinforced by its short moving average (yellow line).
This support level indicated a strong buyer presence at and above this price point, preventing further declines and maintaining upward pressure.
Source: TradingView
The Relative Strength Index (RSI) suggested that Bitcoin was in a bullish trend at press time.
An RSI value of around 60 indicated that the market was neither overbought nor oversold, supporting a stable continuation of the current uptrend.
Long positions dominate Bitcoin’s market
The recent Bitcoin price trend has provoked mixed reactions among traders, reflected in the dynamics of long and short positions.
Despite the recent uptick in Bitcoin’s price, the Long/Short Ratio Chart showed a notable volume in short positions. This meant that many traders were betting on a potential decline in Bitcoin’s price.
However, at press time, there was a shift, with long positions slightly outweighing shorts at 50.7%, compared to 49.2% for shorts.
This slight dominance of long positions indicated that more traders were optimistic about BTC’s future price increase. However, the margin was narrow, highlighting a somewhat divided sentiment within the market.
Source: Coinglass
The Funding Rate at the time of writing, situated above zero, further supported this optimistic outlook.
A positive Funding Rate typically means that long position holders are paying shorts, which often occurs in markets where the general expectation is for prices to rise.
The Trump effect?
Weeks ago, there was a reported assassination attempt on Donald Trump, a candidate in the United States presidential race. Following this event, the price of Bitcoin experienced a surge.
This positive price movement can be partly attributed to perceptions of Trump as a pro-cryptocurrency figure.
His increased visibility and perceived endorsement of the crypto sector following the assassination attempt seemingly bolstered investor confidence.
As Trump is scheduled to speak at a cryptocurrency conference on the 27th of July, BTC has continued to exhibit positive price trends.
Read Bitcoin’s [BTC] Price Prediction 2024-25
The anticipation surrounding his appearance at the event may be contributing to bullish sentiment in the cryptocurrency markets.
Participants are speculating on potential positive endorsements or supportive statements that could further legitimize or promote the adoption of digital currencies.