Will Bitcoin Print A New Record High Soon?
Bitcoin turned really bullish early this year and it is still looking stronger than most other major cryptocurrencies, heading toward $70,000, which is just below the record high. The all-time high comes at around $73,700s, which was put in place in March, however we might get a new high soon, as Republican candidate Donald Trump keeps endorsing the crypto market, and in particular Bitcoin.
Bitcoin retreated lower in 2022, but it formed a support above $15,000 where buyers stepped in late last year and pushed the price nearly 5 times higher, to the new record high. However, since March the price has been consolidating in a range, which we have been trading at times, buying near the bottom and selling near the top. We are already long on BTC and are holding to our buy Bitcoin signal, but we’ll follow the price action to see how it behaves if BTC buyers pushes it above $70,000.
Bitcoin Chart Daily – Buyers Keep Returning the Price at the Highs
Biden’s Withdrawal and Harris’s Rise
Early this month BTC retreated lower, falling to $53,000, but buyers came back and pushed the price back up. Last week, President Joe Biden’s withdrawal from the presidential race and his endorsement of Vice President Kamala Harris as the Democratic front-runner shook the political scene. The shift has significant implications, particularly with Harris’s known history of strict regulatory policies during her tenure as a public prosecutor, raising concerns about potential tighter financial regulations that could impact the cryptocurrency industry.
Trump’s Stance on Bitcoin and Regulatory Changes
Former President Donald Trump, a vocal supporter of Bitcoin, announced his intention to remove SEC Chair Gary Gensler “on day one” if re-elected, seeking to replace him with someone more supportive of crypto innovation. Gensler, who has been involved in legal actions against crypto firms like Coinbase and Binance, is not well-regarded in the crypto community. Trump also dismissed concerns that Bitcoin could undermine the dollar, pledging to make the U.S. the “crypto capital of the planet.” Following Trump’s comments, Bitcoin briefly dropped 2K from $68,500 before rebounding to $69,000.
Bitcoin Live Chart
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