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BTC Price All-Time High in July? 5 Things to Know in Bitcoin This Week

Bitcoin price gains since the weekend have transformed market sentiment, but not all traders believe the rally will be sustained.

• Main Points:

  • BTC Price Surge: Bitcoin hits 10% gains, reaching $63,000.

  • Geopolitical Influence: An assassination attempt on Trump sparks price rally.

  • Market Sentiment: Traders cautious despite bullish signals.

  • Macro Events: Fed Chair Powell's speech and jobs data in focus.

  • Network Fundamentals: Bitcoin network sees positive adjustments.

• Detailed Insights:

  • BTC Price Surge: Bitcoin jumped to $63,000, up 10% since July 12. Traders are watching key support levels to see if the rally can be sustained.

  • Geopolitical Influence: The price surge followed an assassination attempt on Trump, driving Bitcoin above $60,000 and sparking market excitement.

  • Market Sentiment: Despite the rally, traders remain cautious. Crypto Tony and Rekt Capital note the importance of maintaining support at $60,500 and $60,600.

  • Macro Events: Fed Chair Powell will speak on inflation this week, with markets keenly watching for hints on future US financial policy. September's FOMC meeting is expected to be pivotal.

  • Network Fundamentals: Bitcoin's network fundamentals are improving. After three downward adjustments, mining difficulty is set to increase by 4%. Hashrate data indicates miner recovery and potential for a bullish trend.

Related: Why is the Crypto Market Rising Today?

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Why is Solana (SOL) Price Up Today?

Solana price climbs to two-week highs after pro-crypto Donald Trump survives an assassination attempt, boosting market sentiment.

• Main Points:

  • SOL Price Surge: Solana gains 4.75%, reaching $154.

  • Trump’s Influence: Increased odds of Trump’s election victory boost crypto sentiment.

  • Market Data: Open interest and funding rates for SOL turn positive.

  • Short Liquidations: Significant short liquidations drive SOL prices higher.

  • Technical Analysis: SOL rebounds within a descending triangle pattern.

• Detailed Insights:

  • SOL Price Surge: On July 15, Solana’s price surged by 4.75% in a single day, reaching over $154, its highest level in nearly two weeks. This marks a 26.85% increase from its recent low of $121.50.

  • Trump’s Influence: The assassination attempt on pro-crypto US presidential candidate Donald Trump increased his odds of winning the November election to 71%, up from 62% at the start of the month. This has boosted market sentiment, with expectations of more crypto-friendly regulations under a potential Trump administration.

  • Market Data: Following the Trump news, SOL's open interest increased by $140 million, and funding rates turned positive, indicating a bullish outlook among traders.

  • Short Liquidations: Solana saw $7.67 million worth of short liquidations in the last 24 hours, contributing to the price surge. Short liquidations create buying pressure as traders cover their positions, driving prices higher.

  • Technical Analysis: Solana's current gains are part of a technical rebound within a descending triangle pattern. The price is recovering after testing the triangle’s lower trendline as support, with the potential to climb toward the upper trendline at around $160.

Related: Why did Solana (SOL) price drop?

Say Goodbye to Bitcoin Under $60,000 Forever

Bitcoin maximalist Samson Mow reaffirms his bullish prediction that Bitcoin will never fall below $60,000 again.

• Main Points:

  • Samson Mow's Prediction: Mow insists Bitcoin will stay above $60,000.

  • BTC Price Surge: Bitcoin climbs close to $63,000.

  • Market Factors: Positive CPI report and end of German BTC sales boost prices.

  • Future Outlook: Mow predicts Bitcoin could reach $1 million.

• Detailed Insights:

  • Samson Mow's Prediction: Samson Mow, CEO of BTC adoption-focused Jan 3, reiterated on X (formerly Twitter) his bold forecast that Bitcoin would never drop below $60,000 again. He bases this on Bitcoin's strong market fundamentals and recent events.

  • BTC Price Surge: Over the weekend, Bitcoin rose nearly 7.5%, moving from around $58,580 to $62,900. This significant increase was driven by several factors, including a positive CPI report and the conclusion of Bitcoin sales by the German government.

  • Market Factors: The better-than-expected CPI report and the end of forced Bitcoin sales by the German government were key drivers of the recent price surge. Additionally, political events in the U.S. related to the upcoming November elections also contributed to the rally.

  • Future Outlook: Mow remains highly optimistic about Bitcoin's future, predicting it could eventually surpass $1 million. He attributes this to the recent BTC halving and the ongoing Bitcoin purchasing by spot ETFs since January. Mow plans to work with German MP Joana Cotar on a strategy for Germany to reacquire 50,000 BTC.

Related: Bitcoin Traders Warn of Bear Trap as BTC Hits $60.4K High

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results