Bitcoin’s price made a remarkable recovery, hitting a peak of $70,168 on June 10. This resurgence marks a 2% rebound from its weekly low of $68,490 recorded last Friday.
The crypto market received a significant boost from Republican presidential candidate Donald Trump. During a campaign fundraiser, Trump emphasized his support for the cryptocurrency industry, promising to be the “Crypto President.”
Bitcoin Rebounds Despite Market Crash: What’s Fueling the Recovery?
The global crypto market faced a major setback last Friday, triggered by disappointing US Non-Farm Payrolls data. The market shed over $123 billion in value, and Bitcoin tumbled 5% from a weekly high of $71,933. However, Bitcoin showed signs of recovery over the weekend, climbing back to $70,168 by Monday.
Trump’s supportive stance on crypto was echoed by Republican National Committeewoman Harmeet Dhillon and other tech executives. This news spurred bullish reactions among Bitcoin investors, reinforcing their confidence in the digital currency’s long-term prospects.
Despite the recent price surge, Bitcoin faces significant resistance at $70,460. Historical data indicates that many investors purchased Bitcoin around this price, which could lead to profit-taking as BTC approaches this level. Without a clear bullish catalyst, Bitcoin may struggle to break through new all-time highs above $72,000 in the near term.
What’s Next for Bitcoin?
With the Federal Open Market Committee (FOMC) rate decision looming on June 12, Bitcoin’s price is likely to consolidate within the $68,000 to $71,500 range. Investors will be closely watching for any rate changes, which could impact Bitcoin‘s short-term price movement.
