The cryptocurrency world is experiencing more active days than ever. Especially Bitcoin, which caught attention with its rise today. The reasons behind this rise are quite interesting. Former President Donald Trump’s speech at the Bitcoin Conference 2024 in Nashville. Trump’s popularity seems to have increased investors’ confidence in the cryptocurrency market.
Hopes Brought by the Expected Speech
Bitcoin’s price rose by 2.46% to reach the level of $69,310, gaining significant momentum. Recovering 6.1% from the week’s lowest level of $64,425, Bitcoin has once again attracted investors’ interest. The timing of this rise is quite meaningful.
Trump‘s expected speech at the Bitcoin conference played a major role in the market’s rise. Speculations circulating on social media brought up the possibility of establishing a Bitcoin Reserve in the US if Trump wins the upcoming presidential elections. These rumors have created great excitement and confidence among investors.
Assassination Attempt and Market Reaction
The failed assassination attempt on Trump on July 13 also played a significant role in Bitcoin’s rise. After the incident, Bitcoin’s price increased by over 16.50%. This rise can be seen as a reflection of the growing confidence in Trump’s potential success in the elections. Investors believe that Trump’s leadership will positively affect the cryptocurrency market.
Bitcoin’s price movements give promising signs from a technical analysis perspective. The price recently recovered after testing an important support level, the 50-day exponential moving average (50-day EMA).
Currently, Bitcoin is approaching the upper limit of the channel formation and seems to be targeting the $70,850 level. A critical price point to watch is $69,790. If Bitcoin reaches this level, it could trigger an inverse head and shoulders formation. According to analysts, this formation could carry Bitcoin’s price to $87,440 by October.
Bitcoin’s recent rise has been shaped by expectations created by Trump’s speech and the assassination attempt. Investors have increased their hopes for Bitcoin’s future. Technical analyses also indicate that Bitcoin could reach higher levels.
