Published on juli 15, 2024, 12:38 am
Image source: Fox News
```json [ { "TLDR": "Altcoin market surges following speculation on potential Trump victory post-assassination attempt. Altcoins see a 2.88% increase, Bitcoin surpasses $60,000. Trump memecoin (MAGA) spikes by over 30%. Market sentiment bullish with anticipation of Trump win. Short traders facing higher liquidations, boosting asset prices. Technical analysis suggests upward trajectory towards $2.23 trillion and $2.42 trillion resistance levels." } ] ```
The Altcoin market is experiencing an upsurge today, fueled by speculation around a potential Trump victory in the upcoming November elections following a thwarted assassination attempt on the former president. This historic event has triggered a significant rebound in the Altcoin market, with prices surging as news of the incident spread.
Shortly after gunfire rang out at Trump’s Pennsylvania rally, causing a stir in the political landscape, the Altcoin market saw a notable 2.88% increase in valuation. Notably, Bitcoin (BTC) price broke past the $60,000 mark for the first time in over a week amidst this turbulent period.
Interestingly, MAGA (TRUMP), a prominent Donald Trump memecoin, experienced an impressive surge of over 30% in value following the attempted assassination. This spike indicates that many traders are optimistic about a potential Trump resurgence and its implications for crypto regulations going forward.
Market analysts are closely monitoring the situation, with Will Clemente from Reflexivity Research noting that Bitcoin’s reaction suggests a growing anticipation of a full-fledged Trump victory ahead of the elections. The overall sentiment in the market is bullish, as evidenced by rising open interest across major cryptocurrencies and positive funding rates favoring long positions.
Moreover, recent data shows that short traders have been facing higher liquidations compared to long traders recently. This imbalance has resulted in increased buying pressure as short positions get liquidated, further boosting asset prices within the Altcoin market.
From a technical standpoint, today’s gains align with a consolidation pattern within a descending channel trend. The market’s resilience near key support levels combined with positive indicators like moving averages point towards a potential upward trajectory targeting around $2.23 trillion followed by $2.42 trillion resistance levels.
It is important to note that this article does not provide any investment advice; readers are advised to conduct their own research and analysis before engaging in trading activities within the volatile cryptocurrency market space.
Original article posted by Fox News
