Bitcoin is in the bullish note, currently the price stays at $67K.
BTC’s fear and greed index is noted at 72, suggesting greed in the market.
Bitcoin (BTC) has maintained its momentum above $65K since the start of the week. The asset has climbed to $68K amid a greedy market sentiment. This surge is supported by institutional investors and notable figures who advocate for Bitcoin.
Adding on to it, the Bitcoin Conference in Nashville has generated significant anticipation, particularly with Republican presidential nominee Donald Trump addressing Bitcoin’s future at the Bitcoin2024 event on July 27.
Trump once called cryptocurrency a “scam,” and now he is labelling one of the biggest conferences as a keynote speaker. With his pro-crypto stance in recent campaigning efforts, crypto traders anticipate the Bitcoin plans for more regulatory clarity in the U.S. crypto industry. On the other hand, there are rumours that he could announce plans to declare Bitcoin as a U.S. strategic reserve.
In the Bitcoin2024 event, Robert F. Kennedy Jr. Independent presidential nominee, suggests a motivated plan to integrate Bitcoin within the U.S. economy during his speech at the event. As part of the plan, he initiates the Treasury Department to purchase 550 Bitcoin daily until the reserve hits 4 million BTC.
Meanwhile, Michael Saylor, co-founder of MicroStrategy, in the Bitcoin Conference made a prediction at the conference. Bitcoin would hit $13 million per coin by 2045. On a positive note, Saylor said Bitcoin could be worth as much as $49 million and account for 22% of global wealth. Contrarily, it might be worth $3 million and 2% of global wealth.
Will BTC Price Mount Up?
This month began with a brief anticipation, as Bitcoin was trading in the $61,000 range. Conversely, within a week, bears took the price down to $53K, and later BTC climbed to $68K. The asset was up by 1.73% over the past week; the highest and lowest prices observed were at $68,356 and $63,740, respectively.
In the last 24 hours, Bitcoin hit $68,207, with a spike of 1.74%. At press time, BTC traded at $67,852, and the market cap stayed at $1.33 trillion. The daily trading volume recorded a 26.22% decline and stood at $26.23 billion, according to CMC data. Currently, the BTC’s fear and greed index is noted at 72, suggesting greed in the market, the asset’s price will increase and the traders are interested in the asset.
The daily RSI, which stands at 64.14, pointing that the asset is approaching the overbought zone. The short-term 9-day moving average (9MA) is found at $66,882 and the 21-day moving average (21MA) at $63,030, indicating the current bullish momentum.
BTC Price Chart (Source: TradingView)
If Bitcoin bulls’ revival occurs, the price might find significant resistance at $68.5K. A potential upside break might send the price higher toward the resistance of $69,294. Contrarily, if BTC falls down and bears take control over the price momentum, BTC could drop to $67K and find subsequent support at $66,266.
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