Bitcoin, caused concerns during the weekly close on July 28 after markets rejected US presidential candidates’ crypto commitments. Data from TradingView showed Bitcoin’s price stabilized after sudden volatility around the Bitcoin 2024 conference. An expectation of a sudden price increase had formed long before the event. Two presidential candidates, Donald Trump and Robert F. Kennedy Jr., announced plans to create a strategic Bitcoin reserve of at least 200,000 Bitcoins, but the impact was weak.
What’s Happening on the Bitcoin Front?
Charles Edwards, founder of Bitcoin and crypto asset fund Capriole Investments, commented on X, referring to Trump’s election odds:
“There is a 65% chance of a strategic US reserve for Bitcoin, and you can still buy it below $70,000.”
Popular investor Daan Crypto Trades suggested that the market’s overall lack of reaction might be a matter of time. In his X analysis regarding Trump’s and others’ speeches, he stated:
“I think people are a bit surprised and confused by this timeline. What we just saw and heard seems surreal. We basically got what we wanted. This was partly priced in, but we saw a significant long position flow before Trump made his statement.”
Daan Crypto Trades added that this significantly underpriced the strategic reserve commitments:
“Even if they don’t get new money, just holding the seized funds would eliminate a $15 billion surplus. This is more than the total of the German Government and Mt. Gox.”
Bitcoin Chart Analysis
As the excitement of the conference waned, Bitcoin investors turned their attention to the upcoming weekly and monthly close. The previous candle closed at around $68,200, leaving uncertainty about whether it would suffer losses by the week’s end. Analyzing Relative Strength Index (RSI) data, popular investor MegaWhale Crypto still hoped for continued upward movement:
“Bitcoin’s weekly RSI broke upwards! This is a great sign, but to confirm the breakout, RSI needs to maintain the downward trend resistance until the weekly close and close above it.”
Keith Alan, co-founder of trading source Material Indicators, remained more composed and stated that Bitcoin still rejected significant resistance.
Data from blockchain analysis platform CoinGlass showed that the BTC/USD pair increased by 7.8% in July, compensating for the losses seen in June.
