Bitcoin closed in on the $70,000 mark on July 29, posting a seven-week high and falling short of its all-time high by around 6%.
Bitcoin BTC $69,584 prices tapped $69,775 during Asia trading hours on July 29, according to TradingView.
This brought the asset to within 5.7% of its all-time high of $73,757, which occurred four and a half months ago on March 14.
It is the highest Bitcoin has traded since June 13, when it hit $70,000 but found resistance and retreated.
Analyst “Titan of Crypto” told his 86,000 X followers on July 27 that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.
Recent Bitcoin positive sentiment has been driven by two United States presidential candidates and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25–27.
Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the US, while former President Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it could apply a lot of buying pressure and a potential supply shock to BTC markets.
Additionally, the Personal Consumption Expenditures index rose just 0.1% in June, increasing confidence in an interest rate cut in September as inflation comes under control.
There will also be a Federal Reserve meeting on July 31, during which another rate decision is expected.
However, the market expects the Fed to keep rates unchanged. CME Group predicts odds of 95.9% that rates will remain at 5.25% to 5.5%.
Signals are strengthening for a rate cut in September, with the odds at 85.8% for a cut to 5.0% to 5.25%, which would be the first reduction since March 2020.
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