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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/trumps-speech-boosts-bitcoin-price/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Trump’s Speech Boosts Bitcoin Price</a> 
<a href="https://en.coin-turk.com/the-wall-street-journal-reveals-the-us-governments-control-over-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> reduced a significant portion of its weekly losses on July 26; investors await key US inflation <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> for hints on the timing of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">interest rate</a> cuts while anticipating Donald Trump’s opening speech at the Bitcoin 2024 conference in Nashville. Bitcoin’s price rose by 2.56% on July 26 to approximately $67,480, marking a 6.40% increase from the weekly low of around $64,425 set a day earlier.
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-us-front">What’s Happening on the US Front?</h2>
This rise occurred in the hours before Trump’s speech at the Bitcoin 2024 conference. Social media speculates that Trump might promise to establish a Bitcoin Reserve Policy in the US if re-elected in November. The potential for the world’s leading economy to become a Bitcoin buyer boosts market sentiment.
<img fetchpriority="high" decoding="async" class="aligncenter wp-image-374155 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-25.png" alt="" width="2726" height="1448">
10x Research CEO Markus Thielen said no one wants to short Bitcoin until the weekend and added:
<blockquote>
 “It’s clear that he has his eyes on the powerful crypto lobby that raised $150 million for the Crypto Super PAC.”
</blockquote>
Bitcoin’s price has increased by more than 16.50% since the assassination attempt on Trump on July 13, boosting his chances of winning the upcoming election.
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2>
Daily price charts show that Bitcoin price rose after testing the 50-day exponential moving average (50-day EMA; red line) as support. This wave support has limited Bitcoin’s recent downward attempts several times.
<img decoding="async" class="aligncenter wp-image-374154 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-grafik.png" alt="" width="2726" height="1447">
As of July 26, Bitcoin’s price is eyeing the upper trend line of the prevailing descending channel pattern. This upward target is approximately 2.50% above the current price level, around $68,350. Interestingly, a rise towards $68,350 could activate the classic inverse head and shoulders (IH&amp;S) setup, potentially leading to more gains for Bitcoin in August.
<img decoding="async" class="aligncenter wp-image-374153 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-yorum-1.png" alt="" width="2726" height="1447">
The IH&amp;S model is characterized by three troughs, with the middle one, called the head, being deeper than the other two, called shoulders. These troughs share a common resistance known as the neckline. As a rule, the IH&amp;S model resolves when the price decisively breaks above the neckline.
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