Bitcoin
Bitcoin Surges Above $63,000 on Monday: Crypto Check
Bitcoin (BTC-USD) has been trading higher before and after the assassination attempt about former President Donald Trump. The cryptocurrency rose above $63,000 in Monday’s session, now hovering below $64,000.
Jared Blikre reports more on price movement and the broader state of the cryptocurrency market.
For more expert insights and the latest market action, click here here to watch this full episode of Market Domination.
This post was written by Melanie Riehl
Video Transcript
Bitcoin has been boosted by the shooting of former President Donald Trump over the weekend, and for more on the cryptocurrency action, we’ll talk to Yahoo Finance’s Jared Blick Jared.
Thanks, Josh.
You would have to go back to March to see a better day for Bitcoin.
You can see it’s up 6.38%.
And then we have some other tokens like hall and ether even higher.
This is a three day look and I just want to point out that on Saturday, this was the shooting time on Saturday.
That unfortunate event.
This pushed the price of Bitcoin to nearly 120,000, an important level.
This is a three day chart.
I’ll zoom in here to a year to date and then highlight the 60,000 price level.
You can see it’s been a virtual salon for most of the last few months, since February actually.
And we had a breakdown.
That was a fake analysis in early May here.
And then we had a more substantial breakdown last week.
In fact, this started two weeks ago and coincided with the release of around 50,000 people by the German authorities.
Well, they will eventually release around 50,000 Bitcoins as part of a reversal event.
And so all of these Bitcoins flooding into the market have offset some of the gains that we’ve seen, some of these flows that we’ve seen into the spot market, the Bitcoin ETFs.
And in fact, we saw a billion dollars in flows last week alone.
We haven’t seen this impact the price.
In fact, we saw the price drop.
But it can be said that this happened because the German authorities were distributing these Bitcoins.
So overall, it looks like there was a washout and we still have this bullish setup, technically speaking for cryptocurrencies.
So here it is Bitcoin, we are back above 60,000.
That’s optimistic.
The next view.
Well, you still need to hit about 73,000 to max out.
But then you take a look at Ether.
This is a similar chart, except it hasn’t broken down as much as Bitcoin.
You can see a little gap there.
And then finally, Solana is very different, sorry, the chart is very similar and the crypto chart is very bullish looking too, guys.