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Bitcoin price is trading at $69,631 on July 29, up 3.5% over the last 24 hours. The big crypto is just 6% away from its all-time highs and after an eventful weekend in the crypto market, BTC is expected to continue rising into price discovery.
Bitcoin’s performance follows positive sentiments fueled by United States presidential candidates and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25–27.
Former President Donald Trump said the government wouldn’t sell any of the BTC in its possession, instead, he will turn into into a strategic reserve, if elected in November. On the other hand, independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis also spoke about establishing a strategic Bitcoin reserve for the US.
Meanwhile, the direction taken by the market this week will largely depend on the outcome of the Federal Open Markets Committee (FOMC) which is scheduled for July 31.
BTC price action since July 8 has been defined by a series of higher highs and higher lows, leading to the formation of an ascending parallel channel on the daily chart (see below). The price sat on immediate support provided by the middle boundary of the channel at $68,157. Holding above this level will boost the price higher with the first barrier being the upper boundary of the channel at $70,528.
Additional barriers could emerge from the psychological level at $72,000 and the all-time high at $73,835. Rising above that would push the pioneer cryptocurrency into price discovery.
This positive outlook was supported by the upward facing relative strength index and the price strength at 67 affirmed the buyer’s dominance in the market.
Conversely, a daily candlestick below $66,480, embraced by the lower boundary of the rising channel, will see the Bitcoin’s price record lower lows as the 100-day and 50-day EMAs between $63,000 and $64,000 providing the first line of defense.
Lower than that, the psychological level at $60,000 and the 200-day EMA below it would provide the last line of defense for the bulls.
