Bitcoin approached the $70,000 mark on July 29, reaching a seven-week high and coming within about 6% of its all-time high.

Bitcoin prices hit $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 was reached four and a half months earlier on March 14.

This is the highest Bitcoin has traded since June 13, when it reached $70,000 but then encountered resistance and pulled back.

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.

The recent positive sentiment around Bitcoin has been fueled by two United States presidential candidates and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25-27.

Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis discussed creating a strategic Bitcoin reserve for the US, while former President Donald Trump stated that the government wouldn’t sell any more if he were elected.

If this were to happen, it could create significant buying pressure and a potential supply shock in the BTC markets.

Additionally, the Personal Consumption Expenditures index rose only 0.1% in June, boosting 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 anticipates the Fed to keep rates unchanged. CME Group predicts a 95.9% chance that rates will remain at 5.25% to 5.5%.

Signals are growing stronger for a rate cut in September, with an 85.8% likelihood of a reduction to 5.0% to 5.25%, which would be the first cut since March 2020.

Sources:

https://cointelegraph.com/news/bitcoin-pushes-toward-70k-day-after-trump-bitcoin-conference

https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD

https://x.com/Washigorira/status/1817230574714503284

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html