Donald Trump

Bitcoin

Bitcoin closed in on the $70,000 mark on July 29, posting a seven-week high and falling short of its all-time high by around 6%.&nbsp;
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) prices tapped $69,775 during Asia trading hours on July 29, <a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD" target="_blank" rel="noopener nofollow">according</a> to TradingView. 
This brought the asset to within 5.7% of its all-time high of $73,757, which occurred four and a half months ago on March 14. 
It is the highest <a href="https://cointelegraph.com/explained/what-happens-to-lost-bitcoin">Bitcoin</a> has traded since June 13, when it hit $70,000 but found resistance and retreated. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/5ff1e4a0-f2e8-4636-9c23-314e7dd1a312.jpg" alt="Bitcoin pushes toward $70K — just 6% needed for new all-time high" title="">
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 BTC/USD one-day price chart, Coinbase. Source: TradingView
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Analyst “Titan of Crypto” <a href="https://x.com/Washigorira/status/1817230574714503284" target="_blank" rel="noopener nofollow">told</a> his 86,000 X followers on July 27 that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.
Recent Bitcoin positive <a href="https://cointelegraph.com/news/bitcoin-sticks-68k-market-ignores-200k-btc-us-election">sentiment</a> has been driven by <a href="https://cointelegraph.com/news/what-happened-in-crypto-on-the-weekend">two United States presidential candidates</a> and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25–27.
Independent presidential candidate Robert F. Kennedy Jr. and Senator <a href="https://cointelegraph.com/news/senator-cynthia-lummis-united-states-bitcoin-reserve-bill-purchase">Cynthia Lummis</a> spoke about establishing a strategic Bitcoin reserve for the US, while former President Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it could apply a lot of buying pressure and a potential supply shock to&nbsp;<a href="https://cointelegraph.com/explained/what-is-market-depth-in-crypto">BTC markets</a>. 
Related: <a href="https://cointelegraph.com/news/bitcoin-weighted-sentiment-index-positive-price-68k">Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K</a>
Additionally, the Personal Consumption Expenditures index rose just 0.1% in June, increasing confidence in an interest rate cut in September as inflation comes under control.
There will also be a Federal Reserve meeting on July 31, during which another rate decision is expected.
However, the market expects the Fed to keep rates unchanged. CME Group <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">predicts</a>&nbsp;odds of&nbsp;95.9% that rates will remain at 5.25% to 5.5%.
Signals are strengthening for a rate cut in September, with the odds at 85.8% for a cut to 5.0% to 5.25%, which would be the first reduction since March 2020.
Magazine: <a href="https://cointelegraph.com/magazine/donald-trump-bitcoin-spot-ether-etf-debut-trading-hodlers-digest-cointelegraph-magazine/">Trump’s Bitcoin push, spot Ether ETF debut, and more: Hodlers Digest, July 21-27</a>

Bitcoin pushes toward $70K — just 6% needed for new all-time high

Cointelegraph

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