Bitcoin saw a strong recovery on July 15 as prices bounced back from a two-month low below $55,000 to $63,453 amid intense buying pressure.
All of the top 10 cryptocurrencies by market cap are up today, with the global market cap increasing by 5.29% in the past 24 hours.
The recent market-wide rally comes in the wake of former US President Donald Trump surviving an assassination attempt, and his vocal support for Bitcoin and cryptocurrencies has made him a key figure in the crypto industry.
According to crypto market researcher Will Clemente, Bitcoin's recent reaction to the news about Trump suggests the market is ready to start pricing in a possible Republican victory in November's election.
ZyCrypto reported that President Trump is also scheduled to speak at the Bitcoin 2024 conference scheduled for late July, with the market expecting further announcements in his speech on how his administration will create a friendly environment for cryptocurrency businesses.
Bitcoin turns bullish
Bitcoin was trading at $62,805 as of 6:28 a.m. ET on July 15. According to analysts, the largest cryptocurrency by market capitalization is experiencing bullish momentum and is expected to continue its upward trend.
X trader @CryptoMichNL said the assassination attempt on President Trump has increased global uncertainty, creating “an ideal environment for Bitcoin to rise steadily.” The German government also completed a Bitcoin selloff, easing market concerns about selling pressure.
Buyers appear to have the upper hand, further supporting the bullish thesis: According to CryptoQuant, whales and institutional investors are accumulating BTC again, which is likely to lead to further buy orders in Bitcoin exchange-traded funds (ETFs).
“The fact that Bitcoin rebounded over the weekend means that additional inflows are expected into Bitcoin spot ETFs during the week, potentially leading to a further rebound,” the analysis said.
Analyst @DaanCrypto supports the bullish theory, stating that ETF inflows could have a positive impact on the price this week. Last week, the spot Bitcoin ETF recorded over $1 billion inflows, absorbing selling pressure from the German government. If ETF inflows continue this week without selling pressure, we can expect a parabolic rally.
Bitcoin's recent rally has also caused a shift in market sentiment, with the Bitcoin Fear-Greed Index moving from fear to neutral, signaling traders' willingness to get back into the market.
