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Bitcoin price jumped to $60,400, marking the highest level in the last 10 days, and is hovering around $59,900. After a prolonged decline, Germany’s ready-to-sell assets ran out, and the latest inflation data came in positive. Will crypto investors finally see gains? What do current market forecasts indicate for crypto?
Bitcoin Rises
BTC rose to $60,400, and the assassination attempt on Donald Trump, which positively impacted his election campaign, appears to be the reason for the price increase. Moreover, this month Trump will attend an event for Bitcoin and is expected to make some new statements, including announcements about his post-election period. If he takes a direct stance against the SEC, it could create significant bullish expectations for crypto.
Popular crypto analyst Crypto Tony highlighted the unusual performance over the weekend and claimed it was the prelude to a rally.
“For the bulls, reclaiming $60,500 today would be fantastic. If we achieve this, it would be a sign of real strength.”
Rekt Capital wrote:
“Bitcoin must reclaim $60,600 as support and maintain it. For now, it is roughly 1.5% away from this. Bitcoin has 24 hours to do this to maintain the Re-Accumulation Range.”
Crypto Market Predictions
A 5% gap has formed in CME Group Bitcoin futures. If stocks do not experience a significant drop due to Trump and ETF investors interpret this weekend’s developments favorably for crypto, we could see the BTC price continue to rise. There are no major macroeconomic events in the coming days, but Monday could be decisive if Powell says something new.
Analyst Daan Crypto Trades warned of a bear trap:
“It’s still a weekend move, but if there’s a place to escape and keep many market participants on the sidelines, I couldn’t think of a better point to do it. Anyway, liquidity/volumes are relatively low, and it’s not yet clear how stocks will open tomorrow.”
Reclaiming the 200-day moving average at $59,207 supports hopes for a rebound.
