Bitcoin, 70,000 dollars just 400 dollars short, approaches a significant milestone; it reached this peak about 50 days ago on June 10. This potential breakthrough marks an important moment, and Bitcoin is currently trading at 69,600 dollars. At the time of writing, Bitcoin is only about 5.5% below its all-time highs from March 2024.
What’s Happening on the Bitcoin Front?
Markus Thielen from 10X Research noted a potentially slow period for Bitcoin, recording historical trends of flattening in August and declining in September. Despite these trends, upcoming events could play a significant role in pushing Bitcoin beyond its current resistance. The long-awaited Federal Open Market Committee (FOMC) meeting on July 31 could be a decisive factor.
Several developments over the weekend fueled bullish momentum. At the Bitcoin 2024 conference in Nashville, former President Donald Trump made headlines with his commitment to fire SEC Chairman Gary Gensler. His statement was met with enthusiastic applause, especially with his proposal to create a strategic Bitcoin reserve if he wins the upcoming election.
Following Trump’s speech, Senator Cynthia Lummis announced her intention to introduce a bill aimed at creating a Bitcoin strategic reserve. This proposed reserve would secure approximately 1 million Bitcoins, representing about 5% of the global supply.
Details on the Subject
At the same time, Cantor Fitzgerald announced a major new initiative at the conference. This established financial services firm is launching a 2 billion dollar initiative focused on Bitcoin financing and lending. Technically, 10X Research shared its insights on Bitcoin’s price trends:
“Bitcoin has been in a gradually declining but well-defined downtrend since the beginning of March. The upper trend line has been tested more frequently (five times) than the downtrend line (three times), and therefore, we expect a breakout rather than a collapse as the upward pressure seems greater.”
Additionally, according to Whale Alert, a dormant Bitcoin wallet that had been inactive for 12 years was activated this weekend. The value of this wallet has risen from 301 dollars in 2012 to approximately 1.8 million dollars today. The reactivation of such long-term players adds another layer of intrigue to the Bitcoin process.
