The bitcoin price climbed 0.5% in the last 24 hours after presidential candidate Donald Trump said he would set up a strategic national Bitcoin reserve, fire Securities and Exchange Commission chair Gary Gensler, and make the US the crypto capital of the world if he regains the White House in November.
“Never sell your bitcoin,” he said in a speech at the Bitcoin 2024 conference in Nashville on July 26. “On day one, I will fire Gary Gensler. I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over.”
The BTC price traded at $68,048 as of 7:20 p.m. EST on a 32% pump in trading volume to $36 billion.
Speaking to a crowd of about 5,000, Trump expressed his desire for Bitcoin to be “mined, minted, and made in the U.S.” He also outlined a broad crypto policy that covers everything from regulating stablecoins to supporting the right to self-custody Bitcoin.
In a related development, Senator Cynthia Lummis said she plans to introduce a bill next week directing the U.S. Treasury to buy 1 million Bitcoin over five years, which would cost almost $70 billion at current prices. She believes this move will help counteract dollar debasement.
Lummis views Bitcoin as a strong store of value, noting its 55% annual increase over the past four years, compared to the dollar’s decline amid rising inflation.
Bitcoin Price Breakout Looms: Is A Bull Run Imminent?
The Bitcoin price is still trading within the bullish pennant formation. This indicates that bulls might be gearing up for a rally above the pennant. The formation suggests a possible upward trend, hinting that the bullish momentum could persist and drive prices beyond Bitcoin’s previous all-time high.
btcusdT Analysis (Source: Tradingview)
Bitcoin price shows a rebound on the 50 day simple moving average (SMA), and also remains above the 200-day SMA. A potential rise in Bitcoin’s price could validate expectations of breaking above pennant’s upper trendline.
Despite the Relative Strength Index (RSI) showing a brief bearish trend, it has rebounded on the midline level of 50 to 63, indicating intense buying pressure. This suggests a potential upside to the 70 overbought region.
Furthermore, the sentiment is reinforced by the green histogram bars on the Moving Average Convergence Divergence (MACD) indicator and a recent crossover, in which the blue average line has moved above the orange signal line.
Bitcoin Price Prediction: Can The Bitcoin Bulls Sustain The Momentum?
Bitcoin’s price is set for a major bull rally, after a recent rebound on the 50-day SMA. Traders are leveraging the bullish pennant to push for a potential new all-time high of $86,527.
However, if bears regain control they could push the price down, it might fall below the 50-day SMA to around $65,227. Further downward pressure could drive it down to the 200 SMA at $61,514.
