Bitcoin trades above $60,000 on Sunday as market participants rally in support of former President Donald Trump. The US Presidential candidate made headlines after being shot at a rally, the event garnered the support of the crypto community. BTC could extend gains and erase July losses, eyes a comeback above $63,000. The former President is a pro-crypto candidate and a report by Fortune shows that Trump’s chances of winning the race increased following the events that transpired on Saturday.
Institutions are bullish on Bitcoin The sentiment on crypto Twitter and among retail investors has been one of “panic,” however, QCP Capital reports that large hedge funds are “aggressively buying Bitcoin.” The digital assets trading and market making firm has identified institutions buying December and March calls, with a target of the $100,000 to $120,000 level for Bitcoin. The macro sentiment is positive, per QCP’s analysts and they are quoted saying “inflation is slowing down.