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Bitcoin, 19 July Wall Street opening saw a rise amid discussions on whether US President Joe Biden would continue his re-election campaign. TradingView data showed BTC/USD pair challenging one-month highs, indicating a revived Bitcoin price movement.
What’s Happening on the Bitcoin Front?
Bitcoin, after previously showing lackluster consolidation behavior, surprised market participants with a more than 2.5% increase during the day. Bitcoin and crypto asset fund Capriole Investments founder Charles Edwards shared the following on X:
“In a few minutes, Bitcoin rose from $64,000 to over $65,000. While global technology and banking systems faced challenges due to Microsoft’s blue screen of death, did some institutions decide that Bitcoin is a safe haven?”
Edwards addressed the ongoing impacts of an IT crash involving Microsoft CrowdStrike software affecting transportation, banks, and other businesses worldwide. Meanwhile, confusion arose regarding US President Joe Biden’s re-election campaign, with conflicting reports on whether he would continue. His rival Donald Trump survived an assassination attempt last week, sparking a rally in the crypto market.
Live data from blockchain data analysis platform CoinGlass showed that BTC/USD pair was consuming overall demand liquidity at the time of writing. Short positions began to feel the heat as 24-hour crypto liquidations approached $170 million. Popular trader Cheds summarized the current short-term move with the following statement:
“After some consolidation on the four-hour Bitcoin chart, it’s trying again.”
Meanwhile, popular investor, analyst, and podcast host Scott Melker updated his news on Bitcoin’s relative strength index (RSI), maintaining a bullish sentiment.
Notable Statements from a Famous Figure
Optimism spread to other circles, including trading firm QCP Capital, which began to accept the idea that Bitcoin had completed its all-time low. In their latest bulletin to Telegram channel subscribers, they stated:
“This week’s price action has been particularly resilient against the ongoing supply and stockpiles of Mt. Gox. Could this be a sign that the market has overcome most of its concerns?”
QCP added that perpetual futures funding rates have now returned to a stable level, volume has decreased, and Bitcoin has returned to the familiar $61,000 to $71,000 range it traded in throughout the second quarter of this year.
