Bitcoin Is Firm: Is BTC Below $70,000 A Huge Discount If Trump Wins?
Bitcoin is down when writing but the uptrend remains as long as BTC remains above the all-important $66,000 support
Bitcoin fell yesterday but ended with a long lower wick pointing to demand in the closing hours. Even with the drop, buyers are unfazed, and the uptrend remains. For now, traders are looking at $66,000 as the critical immediate support level. On the upper end, there could be high volatility should BTC slice $70,000 and, most importantly, breach $72,000 in the coming sessions.
Considering the generally balanced price action on July 22, Bitcoin is relatively stable in the past day, losing 2%. At the same time, the coin is up 6% on the previous week. Interestingly, there is a sharp upsurge in trading volume, expanding to over $42 billion.
Traders are closely monitoring the following Bitcoin news events:
- Bitcoin, a store of value and a medium of exchange, has been adopted in El Salvador, where it is legal tender. If Donald Trump becomes president, he will consider making BTC a reserve currency. There have been discussions in mainstream media of what this would for the world’s most valuable coin.
- Elon Musk, the billionaire, thinks rising inflation is gradually eating away the purchasing power of Americans. Even with this criticism, inflation across the globe has been falling steadily for the last 18 months.
Bitcoin Price Analysis
BTC/USD is bullish following gains on July 15.
With Bitcoin trading above $66,000, traders can look to buy the dips, like the opportunity presented on July 22.
Since BTC is firm, it is also back in a broader range with caps at all-time highs and $53,500 on the lower end.
Looking at the chart and how prices are aligning with the upper BB, which points to high volatility and strong momentum, traders might look to load. Their first targets would be $70,000 and $72,000.
Any sharp break above $72,000 opens up Bitcoin for $73,800 and all-time highs.
Any dump below $66,000 pours cold water on bulls.
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