 ▲ Trump and Bitcoin/Source: @RadarHits X account |
Cryptocurrency leader Bitcoin (BTC) recovered $63,000 on the first trading day of July.
However, as of the 2nd (Korean time), there is a fierce battle between selling and buying forces at the price in the low $62,000 range.
Cointelegraph analyzed, “Bitcoin is still trading in a range ranging from $56,552 to $73,777, but the fact that it attempted to form a low at $58,402 on June 24 is a positive signal for buyers.”
The media then added strength to their optimism, saying, "If history repeats itself, the speed of Bitcoin's recovery may accelerate in July. According to Coinglass data, there has been a sharp rebound every time in July since the monthly negative end in June."
According to Coinglass, which has been tracking Bitcoin's monthly rise since 2013, if Bitcoin fell in June, it rose by an average of 7.42% in July.
Analysis that Trump had an edge over Biden in this year's presidential election also appears to be contributing to optimism.
According to Bitfinex analysts, former U.S. President Trump is evaluated as a candidate who will bring innovation to the cryptocurrency sector.
They analyzed, "If Trump is elected, a more favorable regulatory environment will be created for the U.S. cryptocurrency industry. Trump is likely to prioritize creating a clear regulatory framework while encouraging innovation and investment in the cryptocurrency sector."
At a rally held in Racine, Wisconsin on the 18th of last month (local time), Trump again pledged to "end the Biden administration's cryptocurrency war."
“My goal is to ensure that the future of cryptocurrency and Bitcoin unfolds in the United States. If the United States does not step up, other countries will take the opportunity,” Trump warned.
He emphasized, “Our cryptocurrency strategy will create opportunities for young people.”
There is also bad news lurking in the July market.
Cointelegraph said, “Some analysts have warned that the rally could face a headwind, with the Mt. “There are expectations that the exit may be rushed, which could cause selling pressure and cause Bitcoin to fall,” he pointed out.
Meanwhile, CryptoQuant CEO Joo Ki-young said through
“The Bitcoin market is currently dull and volatile. This means interest from both buyers and sellers has declined, which means retail liquidity is lacking and this is an ideal time for whales to accumulate Bitcoin,” he explained.
According to CoinMarketCap, as of 8:52 a.m. on July 2 (Korean time), the price of Bitcoin (BTC) is recording $62,818, up 0.18% from 24 hours ago.
Bitcoin rose from a low of $62,495.51 to a high of $63,777.23 on the day.
