On July 29, Bitcoin approached the $70,000 threshold, recording a seven-week high and missing its all-time high by almost 6%.
Bitcoin (BTC)
$69,700 tickers down
On July 29, during Asia trading hours, prices reached $69,775 (TradingView).
As a result, the asset is now 5.7% below its peak of $73,757, reached on March 14, four and a half months ago.
Bitcoin has not traded at this level since June 13, when it briefly reached $70,000 before encountering resistance and declining.
Bitcoin above $110,000 “is programmed,” according to analyst “Titan of Crypto,” who told his 86,000 X followers on July 27. This is because the currency is “breaking out from the handle” of a cup and handle chart pattern.
At the July 25–27 Bitcoin 2024 conference in Nashville, Tennessee, two US presidential candidates and a well-known senator from the Republican Party have been the driving forces behind the recent upsurge in favorable opinion toward bitcoin.
Senator Cynthia Lummis and independent presidential candidate Robert F. Kennedy Jr. discussed creating a strategic Bitcoin reserve for the United States, while outgoing President Donald Trump declared that the government would stop selling Bitcoin if he were elected. In the event that this materializes, the Bitcoin markets may experience severe purchasing pressure and even a supply shock.
Furthermore, the Personal Consumption Expenditures index increased by just 0.1% in June, which raised expectations for a September interest rate reduction as inflation stabilizes.
On July 31, the Federal Reserve will also convene, and it is anticipated that they will make another rate decision at that time.
The market, however, anticipates that the Fed will maintain current rates. With a 95.9% probability, CME Group projects that rates will stay between 5.25% and 5.5%.
The likelihood of a rate drop in September, which would be the first since March 2020, is 85.8% for a fall to 5.0% to 5.25%.
