Bitcoin Holds at $68K as Market Ignores 200K BTC Election Pledge

July 29, 2024 04:57 PM AEST | By Team Kalkine Media

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Bitcoin Holds at $68K as Market Ignores 200K BTC Election Pledge — Image source: shutterstock

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Bitcoin faced a critical weekly close on July 28, with market reactions to recent political pledges from United States presidential candidates being notably subdued. Despite significant volatility around the Bitcoin 2024 conference, where both Donald Trump and Robert F. Kennedy Jr. proposed plans to establish a strategic Bitcoin reserve of at least 200,000 BTC, the impact on Bitcoin’s price was muted.

BTC Price Stabilizes After Conference Volatility

Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin, trading at approximately $69,340, managed to stabilize after experiencing flash volatility. The anticipated price surge driven by the political announcements did not materialize as expected. Charles Edwards, founder of Capriole Investments, observed that despite a 65% probability of a US strategic reserve for Bitcoin, the current price of this crypto remains below $70,000, highlighting a potential buying opportunity.

Market Reactions to Strategic Reserve Commitments

The lack of immediate market reaction to the strategic reserve commitments from political figures was attributed by popular trader Daan Crypto Trades to confusion and surprise over the proposed timelines. Daan noted that the market might be undervaluing the impact of such commitments, even if the government does not purchase additional coins but only holds seized assets. This approach could alleviate a significant portion of sell-side pressure from state actors.

Focus Shifts to Weekly and Monthly Close

As the buzz from the conference fades, Bitcoin traders are now focusing on the upcoming weekly and monthly closes. The previous weekly candle closed near $68,200, creating uncertainty about whether the week would end in losses. Popular trader MegaWhale Crypto highlighted a positive development with Bitcoin’s weekly RSI breaking upward. For this breakout to be validated, the RSI needs to remain above the diagonal down-trending resistance line until the close of the week.

Technical Indicators and Market Sentiment

Despite the cautious optimism from some traders, Keith Alan of Material Indicators took a more conservative stance, noting that Bitcoin is still facing rejection from key overhead resistance levels. Data from CoinGlass showed that Bitcoin experienced a 7.8% increase in July, effectively offsetting losses from June. The market's reaction to recent political statements and technical indicators will likely influence Bitcoin's price movements in the coming weeks.

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