A surge in Bitcoin prices was recorded on Monday, as it reached its highest level in two weeks, surpassing the $60,000 level once again. This rise comes in light of an improvement in the sentiment of the crypto-asset market, while it is linked to a failed assassination attempt against former US President Donald Trump during an election campaign event. This incident increased the odds of victory for Trump, who is considered a supporter of digital currencies and the crypto industry.
On the Bitstamp exchange, the price of Bitcoin rose today by about $2,432, or 4.0%, to reach $63,259, the highest level since July 1. Today’s trading began at $60,827 and reached the lowest level at $60,685.
At last Sunday’s price settlement on the Bitstamp exchange, Bitcoin prices recorded a 2.7% rise, recording the third daily gain in a row, with purchases accelerating after the incident of the assassination attempt on Donald Trump.
During the past week, Bitcoin prices rose nearly 9%, recording the first weekly gain in five weeks, thanks to purchases from low levels not seen in five months.
Market value of digital currencies: The market value of digital currencies rose on Monday by about $100 billion to a total of $2.420 trillion, the highest since early this month, due to the current wide rise in the prices of Bitcoin, Ethereum, and other major currencies.
Assassination attempt on Donald Trump
Former US President Donald Trump, the Republican candidate for the upcoming presidential elections next November, was injured in the ear during an election rally in Pennsylvania on Saturday. The US authorities said they were treating it as an assassination attempt, and the Trump campaign said he was fine after the incident. Jack Ablin, chief investment officer at Cressett Capital, said: The assassination attempt may enhance Trump’s electoral chances.
Trump and the crypto industry
In recent months, Trump has changed his stance and embraced cryptocurrencies to bypass his opponent, Joe Biden, and gain the support of the cryptocurrency community seeking a safer regulatory environment for the industry.
Opinions and Analysis: Greg Magadini, Derivatives Manager at Amperdata, said: The biggest fundamental news of the weekend was the assassination attempt on Trump. This is absolutely crazy. Magadini added: These have improved the odds of Trump winning the presidency. Trump, as a pro-crypto president, should help boost demand for cryptocurrencies
Given the comments regarding Jerome Powell that are expected to impact the dollar, here is a technical analysis of Bitcoin (BTCUSD) price on July 15, 2024: Bitcoin price has been showing a positive scenario as it continues to rise, which enhances the possibilities of breaching new resistance levels. It is important to closely follow market developments to monitor any potential effects of Jerome Powell’s upcoming comments on the dollar’s performance, as these comments could affect the general dynamics of the financial markets.
Technical analysis of Ethereum (ETHUSD) price on July 15, 2024:
The price of Ethereum succeeded in touching the level of $3360.31 and is now trying to penetrate it, while waiting for further rise to extend the bullish wave towards the level of $3490.00.
Expectations are towards a continuation of the upward trend during the coming period, noting that the consolidation of the Ethereum price above the $3,360.31 level is considered positive and could push prices further upward. The expected trading range for today ranges between support at $3,200.00 and resistance at $3,480.00, reflecting the expected volatility in the market. Overall, the intraday trend for Ethereum is expected to be upward, with price action around the $3,360.31 level being a key indicator of further upside or downside.
Based on technical analysis of Dogecoin price against the dollar (DOGEUSD)
Based on the weekly chart, we see the following trends:
An upward correction started from the $0.3527 area: After the price fell from these areas, an upward correction movement began.
Strong resistance level at $0.1203: The price faced strong resistance at this level for a long time, which led to sideways trades or corrections during that period.
Strong bullish rally since February: The price has witnessed a strong bullish movement since this date, which led to it approaching the 61.8% Fibonacci retracement level.
61.8% Fibonacci retracement level: This level is considered an important point in Fibonacci analysis, as it can be a strong support level if the price manages to settle above it, or a resistance level if the price cannot penetrate it.
Based on this analysis, the upward trend can be expected to continue if the price can break the 61.8% Fibonacci retracement level stably. It is worth noting that market developments must be carefully followed to monitor any changes in the trend.
After the strong gains achieved by the price, trading rebounded lower again to settle below $0.1203, providing signs of a trend to resume the main downward trend again, and stop the upward correction it made in the last period, especially after closing the last week below the moving average of 50.
Completion of a negative technical formation: On the daily time frame, we note that the price has completed the formation of a head and shoulders pattern shown in the chart below, and after breaking its neckline at $0.1235,
In the long technical outlook for the price of Dogecoin against the Dollar (DOGEUSD), it is clear that the market is facing multiple bearish challenges: Bearish trend taking control: Longer time frames indicate that the bearish trend continues to dominate the price.
