Bitcoin spiked higher on July 19 as Wall Street opened, amid confusion about whether U.S. President Joe Biden would abandon his reelection campaign.
Data from Cointelegraph Markets Pro and TradingView showed a resurgent Bitcoin, with BTC/USD challenging one-month highs.
Bitcoin surprised market participants by rising more than 2.5% on the day after previously showing lackluster behavior.
“The market hours for IBIT open at 9.30am ET. Within minutes, Bitcoin shot up from $64K, now above $65K,” Charles Edwards, founder of Capriole Investments, commented on X.
“Did some institution just wake up and decide Bitcoin is a safe haven decentralized store of value as global tech and banking systems fail from Microsoft’s blue screen of death?”
Edwards was referring to the ongoing fallout from an IT collapse involving Microsoft CrowdStrike software, impacting transport, banks, and other businesses worldwide.
Meanwhile, confusion swirled over Biden’s reelection campaign, with conflicting reports on whether he would continue.
Donald Trump, his opponent, had already sparked a crypto market rally last week after surviving an assassination attempt.
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Live data from CoinGlass showed BTC/USD consuming overhead ask liquidity at the time of writing, with short positions beginning to feel the pressure as 24-hour cross-crypto short liquidations neared $170 million.
“BTC 4H trying again after some consolidation,” summarized popular trader Cheds regarding the current short timeframe move.
Trader and analyst Scott Melker, known as the “Wolf Of All Streets,” updated his coverage of Bitcoin’s relative strength index (RSI), maintaining a bullish outlook.
Optimism also extended to other circles, including trading firm QCP Capital, which speculated that Bitcoin might have completed its post-all-time-high drawdown.
“Price action this week has been rather resilient especially against the backdrop of continued Mt. Gox supply and tanking equities,” QCP wrote in its latest bulletin to Telegram channel subscribers.
“Could this be a sign that the market has shaken off most of its worries?”
QCP added that perpetual futures funding rates were now “back to flat,” with volume “drifting lower and BTC is back in the familiar range of 61k to 71k where it traded within for the entire of Q2 this year.”
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