Bitcoin Nears $70,000 As Trump Prepares To Deliver Historic Speech At Nashville
Anjali Belgaumkar28 Jul 20241 min read
The cryptocurrency market is surging, with Bitcoin prices up by more than 1%, reaching $68,500. This spike comes ahead of former President Donald Trump’s scheduled speech at a Bitcoin convention in Nashville this morning. The U.S. market also played a significant role in pushing Bitcoin above this level, with the Coinbase premium indicating strong spot buying.
The conference’s final day promises to be eventful, with a highly anticipated speech by Trump at 2 PM (now delayed). Lines were reportedly long even to hear speakers like Michael Saylor and RFK Jr., indicating the high interest in this event.
Bitcoin Price Analysis:
According to analysts, we are in a period of extremely low volatility, and the weekly jewel is about to turn up. This suggests a likely significant move for Bitcoin next week, potentially to the upside, as long as Bitcoin remains above $64,000 on CME.
On the daily timeframe, the HPDR indicator shows that Bitcoin has closed above the median, with a range between $67,900 and $71,000. Volatility is low across multiple timeframes, indicating an impending big move, possibly at the start of August. The EMAs are relatively flat, suggesting that Bitcoin is not trending down but could still see consolidation. For a sustained uptrend, Bitcoin needs to break above $68,000 with momentum.
Regarding the Bitcoin conference, President Trump is expected to announce his intention to establish a Bitcoin strategic reserve if elected. RFK also mentioned a plan to buy 500 Bitcoin daily, further legitimizing the space.
In July 2019, Trump posted a Twitter thread criticizing Bitcoin and other cryptocurrencies for their volatility and association with unlawful behavior. Despite this, the market was more excited about a president acknowledging crypto than rattled by his opposition. Now only time can tell if new ATHs are incoming for Bitcoin.
