{"id":629770,"date":"2024-07-15T08:45:12","date_gmt":"2024-07-15T08:45:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=629770"},"modified":"2024-07-15T08:45:12","modified_gmt":"2024-07-15T08:45:12","slug":"bitcoin-price-surges-past-63000-the-key-reasons","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-surges-past-63000-the-key-reasons\/","title":{"rendered":"Bitcoin Price Surges Past $63,000: The Key Reasons"},"content":{"rendered":"

After a decline to $53,600 last Friday, the Bitcoin price experienced a major recovery over the weekend, exceeding the $63,000 threshold today. This marks a massive 17% increase since last Friday, reaching this level for the first time in two weeks. The rally can be attributed to several factors that collectively propelled the premier\u2019s cryptocurrency’s price upward.<\/p>\n

#1 The \u201cTrump Bitcoin Pump\u201d<\/h2>\n

The resurgence in the Bitcoin price coincided with the attempted assassination of former President and 2024 presidential hopeful Donald Trump. The incident significantly impacted his odds in the upcoming election, with betting market Polymarket now forecasting a 70% probability of his victory.<\/p>\n

Crypto expert Will Clemente III highlighted on X, \u201cTrump’s odds of winning in November are skyrocketing in prediction markets.\u201d He further noted<\/a>, “Based on Bitcoin\u2019s reaction so far, looks like markets are going to begin pricing in a full Trump victory.”<\/p>\n

Related Reading: Bitcoin Accumulation: Who\u2019s Been Buying Up All The BTC Dumped By The German Government?<\/a><\/div>\n

Alex Kr\u00fcger, a macro analyst, elaborated<\/a> on the implications of a potential Trump presidency for the financial markets: \u201cThe Trump Trade<\/a> is now on its way. This what Trump winning, or the expectation of him winning, entails: Bullish for Crypto because Trump\u2019s administration might pursue supportive regulations for cryptocurrencies, fostering innovation and adoption.\u201d<\/p>\n

#2 German Selling Exhausted<\/h2>\n

The recent completion of a large-scale Bitcoin sell-off by the German government<\/a> also contributed to the price recovery. Germany exhausted its cache of 50,000 BTC seized from Movie2k, completing its final transaction of 3846.05 BTC last Friday.<\/p>\n

James \u201cCheckmate\u201d Check, a leading on-chain analyst, remarked<\/a> on the incredible strength of the BTC price on X, \u201cFolks, Bitcoin just absorbed a 50k BTC market sell order in a few weeks. It dipped ~25%, in a very structured and orderly correction. Last time something like this happened was LUNA selling<\/a> ~80k $BTC and price dropped from $46k to $25k, and soon after to $17k. Not the same.\u201d<\/p>\n

#3 DXY Is Showing Weakness<\/h3>\n

The weakening US dollar is probably another driver of BTC’s recent gains. The US Dollar Index (DXY), which measures the dollar against a basket of major currencies, fell 1.8% over the last two weeks to a five-week low of 104.<\/p>\n

Related Reading: Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip \u2013 Details<\/a><\/div>\n

The expectation of an interest rate cut and the growing US government deficit, which reached $1.27 trillion year-to-date in June, have contributed to the dollar’s decline, pushing investors towards riskier assets like Bitcoin and cryptocurrencies.<\/p>\n

#4 Bitcoin Miner Capitulation Ends<\/h3>\n

Joe Burnett, another noted crypto analyst, highlighted<\/a> via X yesterday that a month-long period of Bitcoin miner capitulation is nearing its end, indicating a potential reversal in downward pressure on Bitcoin\u2019s price. Historically, the end of miner capitulation has been associated with subsequent price increases.<\/p>\n

#5 Technical Breakout<\/h3>\n

From a technical perspective, Bitcoin surpassed the critical 200-day Exponential Moving Average (EMA) and a descending trendline this Saturday. This milestone can be considered a bullish signal among traders, indicating a possible end to the downturn that began in early June.<\/p>\n

At press time, BTC traded at $63,105.<\/p>\n

\"Bitcoin
BTC overcomes the 200-day EMA (blue), 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

After a decline to $53,600 last Friday, the Bitcoin price experienced a major recovery over the weekend, exceeding the $63,000 threshold today. This marks a massive 17% increase since last Friday, reaching this level for the first time in two weeks. The rally can be attributed to several factors that collectively propelled the premier\u2019s cryptocurrency’s price upward. #1 The \u201cTrump Bitcoin Pump\u201d The resurgence in the Bitcoin price coincided with the attempted assassination of former President and 2024 presidential hopeful Donald Trump. The incident significantly impacted his odds in the upcoming election, with betting market Polymarket now forecasting a 70% probability of his victory. Crypto expert Will Clemente III highlighted on X, \u201cTrump’s odds of winning in November are skyrocketing in prediction markets.\u201d He further noted, “Based on Bitcoin\u2019s reaction so far, looks like markets are going to begin pricing in a full Trump victory.” Related Reading: Bitcoin Accumulation: Who\u2019s Been Buying Up All The BTC Dumped By The German Government? Alex Kr\u00fcger, a macro analyst, elaborated on the implications of a potential Trump presidency for the financial markets: \u201cThe Trump Trade is now on its way. This what Trump winning, or the expectation of him winning, entails: Bullish for Crypto because Trump\u2019s administration might pursue supportive regulations for cryptocurrencies, fostering innovation and adoption.\u201d #2 German Selling Exhausted The recent completion of a large-scale Bitcoin sell-off by the German government also contributed to the price recovery. Germany exhausted its cache of 50,000 BTC seized from Movie2k, completing its final transaction of 3846.05 BTC last Friday. James \u201cCheckmate\u201d Check, a leading on-chain analyst, remarked on the incredible strength of the BTC price on X, \u201cFolks, Bitcoin just absorbed a 50k BTC market sell order in a few weeks. It dipped ~25%, in a very structured and orderly correction. Last time something like this happened was LUNA selling ~80k $BTC and price dropped from $46k to $25k, and soon after to $17k. Not the same.\u201d #3 DXY Is Showing Weakness The weakening US dollar is probably another driver of BTC’s recent gains. The US Dollar Index (DXY), which measures the dollar against a basket of major currencies, fell 1.8% over the last two weeks to a five-week low of 104. Related Reading: Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip \u2013 Details The expectation of an interest rate cut and the growing US government deficit, which reached $1.27 trillion year-to-date in June, have contributed to the dollar’s decline, pushing investors towards riskier assets like Bitcoin and cryptocurrencies. #4 Bitcoin Miner Capitulation Ends Joe Burnett, another noted crypto analyst, highlighted via X yesterday that a month-long period of Bitcoin miner capitulation is nearing its end, indicating a potential reversal in downward pressure on Bitcoin\u2019s price. Historically, the end of miner capitulation has been associated with subsequent price increases. #5 Technical Breakout From a technical perspective, Bitcoin surpassed the critical 200-day Exponential Moving Average (EMA) and a descending trendline this Saturday. This milestone can be considered a bullish signal among traders, indicating a possible end to the downturn that began in early June. At press time, BTC traded at $63,105. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":629775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,1122,91901,89689],"class_list":["post-629770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-why-is-bitcoin-price-up-today","tag-why-is-bitcoin-up-today"],"acf":[],"yoast_head":"\nBitcoin Price Surges Past $63,000: The Key Reasons<\/title>\n<meta name=\"description\" content=\"After a decline to $53,600 last Friday, the Bitcoin price experienced a major recovery, exceeding the $63,000 mark today. 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