Bitcoin (BTC) Spikes Higher as Confusion Reigns Over Whether US President Joe Biden Will Abandon His Reelection Campaign

BTC price action throws off consolidation as BTC/USD challenges one-month highs.

Bitcoin ( BTC ) price spiked higher at the July 19 Wall Street open as confusion reigned over whether United States President Joe Biden would abandon his reelection campaign. At the same time, the BTC/USD pair continued تحدي one-month highs.

Up by more than 2.5% on the day, Bitcoin surprised market participants after showing lackluster consolidatory behavior in recent days.

“The market hours for IBIT open at 9.30am ET. Within minutes, Bitcoin shot up from $64K, now above $65K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, Responded on X.

Edwards referred to the ongoing fallout from an IT collapse involving Microsoft CrowdStrike software, which impacted transport, banks and other businesses worldwide on Monday.

Meanwhile, confusion also arose over the fate of US President Joe Biden's reelection campaign, with conflicting reports emerging on whether he would continue.

His opponent, former President Donald Trump, sparked a crypto market rally last week after surviving an assassination attempt, which also saw his son, Donald Trump Jr., hint at a potential crypto strategy if his father wins the presidency again.

At the time of writing, live data from monitoring resource CoinGlass showed BTC/USD eating through overhead ask liquidity. Shorts were also beginning to feel the heat, with 24-hour cross-crypto short liquidations approaching $170 million.

“BTC 4H trying again after some consolidation,” popular trader Cheds commented on the short timeframe move, which began late on Sunday.

Trader, analyst and podcast host Scott Melker, known as the “Wolf Of All Streets,” also updated his coverage of Bitcoin's relative strength index (RSI), continuing the bullish mood.

Conditions continue to favor Bitcoin upside

Optimism flowed over into other circles on Monday, with trading firm QCP Capital entertaining the idea that Bitcoin had 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,” the firm told Telegram channel subscribers in its latest analysis on the day.

suggesting that Bitcoin's recent price resilience was notable given the continued legal supply from the Mt. Gox exchange and the poor performance of U.S. equities amid worsening inflation and an impending recession.

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