Bitcoin surged at the opening of Wall Street on July 19, as confusion reigned over whether U.S. President Joe Biden would abandon his re-election campaign.
BTC price breaks consolidation
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin (BTC) price action again as BTC/USD challenged its monthly high.
Bitcoin surprised market participants on the day by rising more than 2.5% after an earlier period of sluggish consolidation.
“IBIT market hours open at 9:30 a.m. ET. In a matter of minutes, Bitcoin has surged from $64,000 to over $65,000 now,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, responded to X.
“What institution just woke up and decided that Bitcoin was a safe haven and decentralized store of value amidst the global technology and banking system failing due to Microsoft’s Blue Screen of Death?”
Edwards noted the ongoing fallout from the IT meltdown involving Microsoft’s CrowdStrike software, which affected transportation, banking and other businesses worldwide.
At the same time, confusion swirled over the fate of U.S. President Joe Biden’s reelection campaign, with conflicting reports about whether he would continue. His opponent, Donald Trump, sparked a cryptocurrency market rally after surviving an assassination attempt last week.
According to real-time data from monitoring resource CoinGlass, BTC/USD is eating into overhead short liquidity as of this writing.
Short positions are starting to take a hit, with short liquidations across cryptocurrencies reaching close to $170 million in the past 24 hours.
Popular trader Cheds summarized the current short-term movement by saying, “BTC 4H is trying again after some consolidation.”
Trader, analyst, and podcaster Scott Melker, dubbed the “wolf of every street,” continued his bullish sentiment by updating his coverage of Bitcoin’s Relative Strength Index (RSI).
Conditions remain favorable for Bitcoin’s rise.
Optimism has spilled over to other sectors as well, with trading firm QCP Capital also beginning to think that Bitcoin has completed its downtrend from its all-time high.
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“Price action this week has been quite resilient, especially with Mt. Gox supply continuing to decline and the stock crashing,” he wrote in a recent announcement to subscribers to his Telegram channel that day.
“Could this be a sign that the market has shaken off most of its concerns?”
QCP added that the perpetual futures funding rate has now “returned to flat” and that volumes are “down and BTC is back in the familiar $61,000-$71,000 range it has been trading in throughout Q2 of this year.”
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