Bitcoin (BTC-USD) has been trading higher leading up to and following the assassination attempt on former President Donald Trump. The cryptocurrency rose above $63,000 in Monday’s session, now hovering below $64,000.
Jared Blikre reports more on the price move and the broader state of the crypto market.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Melanie Riehl
Video Transcript
Bitcoin getting a lift fa shooting attack on former President Donald Trump over the weekend and with more on the crypto action, let’s get over to Yahoo Finance’s Jared Blick Jared.
Thank you, Josh.
You’d have to go back to March to see a better day in Bitcoin.
You can see it’s up 6.38%.
And then we’ve got some of the other tokens like salon and ether up even more.
This is a three day look and I just want to point out that uh Saturday, this was the time of the shooting on Saturday.
That unfortunate event.
This shot up the price of Bitcoin to almost 120,000 is an important level.
This is a three day chart.
I’m gonna zoom out here to a year to date and then I’m going to highlight the 60,000 price level.
You can see it’s been a virtual floor for most of the last several months going back all the way to uh February actually.
And we did get a breakdown.
This was a false breakdown at the beginning of May here.
And then we had a more substantial breakdown last week.
Actually, two weeks ago, this started and this coincided with the German authorities releasing about 50,000.
Well, they’re going to eventually release about 50,000 Bitcoin as part of an unwinding event.
And so all of those Bitcoin flooding the market, those offset some of the gains that we’ve been seeing some of those flows that we’ve seen into the spot, Bitcoin Etfs.
And in fact, we saw a billion dollars in flows last week alone.
We didn’t see it impact the price.
In fact, we saw price fall off.
But arguably that was because of the German authorities were distributing those Bitcoins.
So all in all it looks like kind of a wash and we still have this bullish set up, technically speaking for crypto.
So here’s Bitcoin, we are back of above 60,000.
That is bullish.
The next insight.
Well, you still got to clear about 73,000 to get to ultimate highs.
But then you take a look at Ether.
Um This is a similar looking chart except it did not break down as much as Bitcoin.
You can see just a little bit of a breach right there.
And then finally, solana very different uh excuse me, very similar chart and uh bullish looking crypto chart there too as well guys.