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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/trump-speech-elevates-bitcoin-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Trump Speech Elevates Bitcoin Prices</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-soars-to-50000-as-market-dynamics-shift" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> trimmed significant weekly losses on July 26 as investors keenly watched US inflation data for clues about potential <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> cuts. Concurrently, anticipation built for Donald Trump’s address at the Bitcoin 2024 conference in Nashville. By the end of the day, Bitcoin’s value had increased by 2.56%, reaching approximately $67,480, which marked a 6.40% rise from the weekly low of around $64,425 recorded the previous day.</p>
<h2 id="potential-us-bitcoin-policies">Potential US Bitcoin Policies?</h2>
<p style="text-align: justify">The surge in Bitcoin’s price was noted just before Trump’s speech at the Bitcoin 2024 event. Social media buzzed with speculation that Trump might pledge to implement a Bitcoin Reserve Policy in the US if re-elected in November. The prospect of the world’s leading economy becoming a major Bitcoin purchaser is significantly boosting market sentiment.</p>
<p style="text-align: justify">According to 10x Research CEO Markus Thielen, no one is willing to short Bitcoin leading up to the weekend. He remarked, “It’s apparent that Trump is focusing on the influential crypto lobby, which has amassed $150 million for the Crypto Super PAC.”</p>
<h2 id="technical-analysis-of-bitcoin">Technical Analysis of Bitcoin</h2>
<p style="text-align: justify">Daily charts reveal that Bitcoin’s price movement positively responded after touching the 50-day exponential moving average (50-day EMA; red line) as a support level. This EMA support has repeatedly prevented further downward trends for Bitcoin recently.</p>
<p style="text-align: justify">As of July 26, Bitcoin is targeting the upper trend line of the current descending channel pattern, which stands approximately 2.50% above the existing price, around $68,350. This potential rise could trigger the classic inverse head and shoulders (IH&amp;S) pattern, indicating further gains might be on the horizon for Bitcoin in August.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Key takeaways for investors include:</p>
<ul>
 <li>Monitor US inflation data for clues on <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> interest rate adjustments.</li>
 <li>Watch for any political developments, especially Trump’s stance on Bitcoin.</li>
 <li>Observe Bitcoin’s interaction with the 50-day EMA for potential support levels.</li>
 <li>Track the upper trend line of the descending channel for possible breakout points.</li>
</ul>
<p style="text-align: justify">The IH&amp;S formation consists of three troughs, with the middle trough (head) being deeper than the two shoulders. These troughs share a common resistance known as the neckline. Typically, the IH&amp;S pattern confirms when the price breaks decisively above the neckline.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/trump-speech-elevates-bitcoin-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Trump Speech Elevates Bitcoin Prices</a></h5>

Trump Speech Elevates Bitcoin Prices

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Інші статті, опубліковані 26 лип. 2024 р.

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