Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K

Bitcoin traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility. BTC/USD 1-hour chart. Source: TradingView

BTC price spikes above $60,400

Data from Cointelegraph Markets Pro and TradingView tracked a crypto market surge as news of the attack, which Trump survived, came in.

Local highs of $60,423 on Bitstamp marked Bitcoin’s

BTC

tickers down

$58,977

highest value since July 4.

Amid uncharacteristically strong performance for a weekend, traders looked to the weekly close and start of legacy market trading for proof that the rally had legs.

“$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,” popular trader Crypto Tony argued in a post on X.

Trader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halving “reaccumulation range” now under threat.

“Bitcoin is less than -1.5% away from positioning itself for an all-important reclaim of $60,600 as support,” he wrote overnight.

“Bitcoin has 24 hours to do so to protect the ReAccumulation Range.” BTC/USD chart. Source: Rekt Capital

With price now up 5% versus the July 12 close, a significant “gap” in CME Group Bitcoin futures lay potentially waiting to be filled.

For popular trader Daan Crypto Trades, however, there was a chance of a different outcome — a bear trap.

“Still a weekend move, but if there’s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn’t think of a much better spot to do so,” part of his latest X content stated.

“Anyways, liquidity/volumes relatively low and yet to be seen how stocks open up tomorrow.” BTC/USDT chart. Source: Daan Crypto Trades

The latest live data from monitoring resource CoinGlass showed ask liquidity clustering at $60,660 at the time of writing, with support thickening below the $60,000 mark. BTC liquidation heatmap (screenshot). Source: CoinGlass

Bitcoin bulls snatch at trend line support

The move to 10-day highs meanwhile allowed BTC/USD to attempt a reclaim of the key 200-day moving average, at $59,207 as of July 14.

Related: Buying the dip? Bitcoin institutional investors add 100K BTC in a week

BTC/USD 1-day chart with 200MA. Source: TradingView

This formed one of several “bull market trendlines” lost in recent weeks. As Cointelegraph reported, others include the short-term holder realized price — the aggregate cost basis of Bitcoin market speculators.

Around the same level as the 200-day trend line is the average purchase price for investors in the US spot Bitcoin exchange-traded funds.

Per data from onchain analytics resource Checkonchain, uploaded to X by its founder Checkmate, this stood at $58,240 on July 10.

US spot Bitcoin ETF cost basis. Source: _Checkmate

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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14.07.2024
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