Analysis of Bitcoin Price Movement

Bitcoin traders are closely monitoring the recent price action of BTC as it reaches a 10-day high of $60.4K. Here are some key points to consider:

• Bitcoin bulls might catch late sellers below important bullish trendlines as the weekend gains exceed 5%.
• Traders are looking for a strong rally confirmation through the weekly close and the start of legacy market trading.
• There is a significant gap in CME Group Bitcoin futures that could potentially be filled.
• Some traders are wary of a bear trap scenario given the low liquidity and volumes during the weekend.

Bitcoin Price Spikes and Potential Reclaim of $60.5K

Bitcoin’s price surged above $60,000 following news of an assassination attempt on a US presidential candidate. The high volatility led to BTC reaching $60,423 on Bitstamp, marking its highest value since July 4.

There is a crucial area around $60,600 that traders are watching, with a reclaim as support being a significant milestone for BTC. The price surge over the weekend has brought attention to the potential for a bear trap scenario.

Bitcoin Bulls Defend Trend Line Support

The recent move to 10-day highs has allowed BTC/USD to challenge the key 200-day moving average at $59,207. This is part of several bullish trendlines that were lost in recent weeks, adding to the complexity of the current market dynamics.

Investors and traders are advised to conduct their own research and analysis before making any investment decisions, as every move in the market carries inherent risks.