Bitcoin looks to clear trendline resistance into the weekly close as BTC price gains pass 5% this weekend.
Bitcoin bulls may be able to trap late sellers below key bull market trendlines as BTC price weekend gains pass 5%.
Bitcoin traded above $60,000 on July 14 as an assassination attempt on United States presidential candidate Donald Trump sparked BTC price volatility.Amid uncharacteristically strong performance for a weekend, traders looked to the weekly close and start of legacy market trading for proof that the rally had legs.
“$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it,” popular trader Crypto TonyTrader and analyst Rekt Capital placed importance on the same area as BTC/USD fought to maintain a post-halving “reaccumulation range” now under threat.With price now up 5% versus the July 12 close, a significant “gap” in CME Group Bitcoin futures lay potentially waiting to be filled.
For popular trader Daan Crypto Trades, however, there was a chance of a different outcome — a bear trap. “Still a weekend move, but if there’s ever a place to just run away with it and keep a lot of market participants sidelined, I couldn’t think of a much better spot to do so,” part of his latest X content stated.Bitcoin bulls snatch at trend line supportAround the same level as the 200-day trend line is the average purchase price for investors in the US spot Bitcoin exchange-traded funds.This article does not contain investment advice or recommendations.
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