Bitcoin Set To Take Off Above $70,000: Trump’s Endorsement Massive
Bitcoin is ripping higher, adding 3% in the last day. As BTC expands, buyers are targeting $72,000 in the short term
Bitcoin is within a steady uptrend. Though prices rose to as high as $69,400 this weekend, there need to be more gains in the days to come, confirming the bullish structure from July 15 through to 21. Since last week’s prices were choppy, buyers came out on top, reversing losses. Bulls still have what it takes to push higher. From the daily chart, a convincing close above $70,000 would be critical. However, if buyers break $72,000, prices could fly even higher.
So far, Bitcoin is stable in the past day and week, adding 3%. The expansion of prices over the weekend means the average trading volume is also decent. So far, engagement stands at over $22 billion. A close above $72,000 would ignite demand, lifting BTC to fresh Q3 2024 highs.
The following Bitcoin news events are worth monitoring:
- Johnny Ng, a Hong Kong Legislative Council member, plans to collaborate with various stakeholders in the country. According to reports, the objective will be to assess the feasibility and benefits of incorporating BTC into the region’s financial reserves.
- Over the weekend, Donald Trump said he plans to make the United States a leader in crypto and Bitcoin. Trump reiterated his position on the technology weeks after accepting crypto donations.
Bitcoin Price Analysis
BTC/USD is within an uptrend.
The retest of $69,000 over the weekend was crucial.
Notice that bulls managed to soak in the selling pressure, rejecting attempts for lower lows.
Since prices align with the primary trend, aggressive traders can look to load on every dip.
From candlestick arrangement, every low above $63,000 might offer entries for Bitcoin traders targeting $72,000.
On the other hand, a close above $70,000, and preferably, $72,000, with rising volume, could see Bitcoin retest all-time highs.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals