{"id":51231,"date":"2024-07-15T01:10:00","date_gmt":"2024-07-15T01:10:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-traders-bear-trap-btc-price-10-day-high-60-4-k"},"modified":"2024-07-15T03:18:26","modified_gmt":"2024-07-15T03:18:26","slug":"bitcoin-traders-eye-bear-trap-as-btc-price-hits-10-day-high-of-60-4k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51231","title":{"rendered":"Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K"},"content":{"rendered":"

<\/p>\n

Bitcoin\u00a0traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility.<\/p>\n

\"\"
BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price spikes above $60,400<\/h2>\n

Data tracked a crypto market surge as news of the attack, which Trump survived, came in.<\/p>\n

Local highs of $60,423 on Bitstamp marked Bitcoin\u2019s (BTC) highest value since July 4.<\/p>\n

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.<\/p>\n

\u201c$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,\u201d popular trader Crypto Tony argued in a post on X.<\/p>\n

Trader and analyst Rekt Capital placed importance on the same area as BTC\/USD fought to maintain a post-halving \u201creaccumulation range\u201d now under threat.<\/p>\n

\u201cBitcoin is less than -1.5% away from positioning itself for an all-important reclaim of $60,600 as support,\u201d he wrote overnight.<\/p>\n

\u201cBitcoin has 24 hours to do so to protect the ReAccumulation Range.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD chart. Source: Rekt Capital<\/em><\/figcaption><\/figure>\n

With price now up 5% versus the July 12 close, a significant \u201cgap\u201d in CME Group Bitcoin futures lay potentially waiting to be filled.<\/p>\n

For popular trader Daan Crypto Trades, however, there was a chance of a different outcome \u2014 a bear trap.<\/p>\n

\u201cStill a weekend move, but if there\u2019s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn\u2019t think of a much better spot to do so,\u201d part of his latest X content stated.<\/p>\n

\u201cAnyways, liquidity\/volumes relatively low and yet to be seen how stocks open up tomorrow.\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USDT chart. Source: Daan Crypto Trades<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

\"\"
BTC liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Bitcoin bulls snatch at trend line support<\/h2>\n

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.<\/p>\n

\"\"
BTC\/USD 1-day chart with 200MA. Source: TradingView<\/em><\/figcaption><\/figure>\n

This formed one of several \u201cbull market trendlines\u201d lost in recent weeks. As Cointelegraph reported, others include the short-term holder realized price \u2014 the aggregate cost basis of Bitcoin market speculators.<\/p>\n

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.<\/p>\n

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

\"\"
US spot Bitcoin ETF cost basis. Source: _Checkmate<\/em><\/figcaption><\/figure>\n

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.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u00a0traded 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 tracked a crypto … Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,5652,159,97],"class_list":["post-51231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-emilynews","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51231\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin traders eye bear trap as BTC price hits 10-day high of $60.4K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u00a0traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility. 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