The price of Bitcoin is rebounding strongly from its June dip, currently trading at $62,670—an impressive 5.5% increase in just one day. Several indicators suggest that Bitcoin could be poised for another significant surge soon
Renowned crypto analyst Michael van de Poppe has highlighted several potential positive events for Bitcoin, pointing to a technical indicator that favors a bullish market for the cryptocurrency.
Germany recently sold 50,000 Bitcoins seized from a pirated movie site, a move that had been exerting selling pressure on the market. While the exact reasons for the sale remain unclear, such actions by a major economy can significantly influence market dynamics and investor sentiment. With the sale now concluded, Bitcoin is expected to experience substantial gains.
The recent assassination attempt on Donald Trump has added a layer of uncertainty to the global political climate as the winning predictability for the upcoming November presidential elections surged from 60% to 71% on Polymarket.
Historically, such geopolitical events have pushed investors towards alternative assets like Bitcoin, especially since Trump supports cryptocurrency.
After the failed assassination attempt, Trump-themed meme coins, such as MAGA (TRUMP), TREMP, and Maga hat (MAGA), saw a big increase. This has made crypto investors more optimistic, increasing the chances of a Bitcoin price rise
In addition to Bitcoin’s potential growth, the upcoming launch of the Ethereum ETF is generating significant excitement. Expected to launch this week, the Ethereum ETF marks a major milestone for Ethereum.
Van de Poppe believes this will attract institutional investors and improve Ethereum’s market performance, which could also positively affect Bitcoin.
Looking at the technical analysis various indicators suggest a bullish outlook for bitcoin. After bouncing off the 200 EMA support level at $59,201, Bitcoin is now around $62,665, reflecting a 5.6% surge in a day.
However, the next crucial levels to watch are the 50 EMA and 100 EMA. Perhaps breaking above these could confirm a bullish trend and lead to another big rally.
Read Also: Trump-Themed Memecoins Skyrocket After Assassination Attempt
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