BTC Higher on Monday
Bitcoin prices are surging higher at the start of the week with the futures market having gapped higher at the open last night. BTC is now trading up almost 10% off Friday’s close and up around 18% off the July lows as bullish sentiment takes hold. The driver behind the move is the apparent shift in US elections expectations on the back of the attempted assassination of ex-president Trump over the week. The event looks to have bolstered expectations of a Trump win and with the ex-president seen as more crypto-friendly than Biden, the outlook is shifting favourably for BTC bulls.
Trump Crypto Impact
Trump has previously hosted leading crypto executives at his private residence in Florida and made US political history becoming the first to accept crypto payments. Given that stricter regulatory conditions have been one of the leading headwinds for crypto markets in recent years, bulls are banking on a shift in conditions if Trump succeeds in becoming president again.
Rising BTC Demand
With industry data pointing to elevated levels of accumulation over the recent price correction in BTC, the near-term outlook is turning increasingly bullish. Expectations of forthcoming Fed easing in September and an accompanying shift lower in USD are adding to the bullish backdrop currently. Looking ahead, any further news regarding Trump campaign success should help drive BTC higher.
Technical Views
BTC
The rally in BTC has seen the market breaking back above the 60,695 level with price now fast approaching a test of the bear channel highs. With momentum studies bullish, focus is on a further push higher while 60,695 holds as support.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.