Bitcoin Rises as Donald Trump Prepares to Speak at Nashville Conference

Before Donald Trump's speech on Saturday, Bitcoin reached a peak of $68,295. Trump is set to address cryptocurrency traders at the Bitcoin Conference in Nashville on July 27. There is potential for Bitcoin to climb around 6% higher, potentially reaching $72,000.

As the conference approaches, Bitcoin's volatility may increase. Trump's reputation as a crypto-supportive figure, bolstered by over $6 million in contributions from crypto-related PACs and donors, might influence the market.

Analysts from QCP Capital have noted a "Trump effect" on Bitcoin, with significant activity in the options market suggesting a price increase. This week, substantial funds have been positioned for August 2 options, hinting at potential gains following Trump's speech.

Currently, Bitcoin is trading around $62,000. The news from the Nashville conference might drive a temporary price surge as investors respond to the information. Bitcoin could surpass $72,000.

Following a downtrend between July 2 and July 5, marked by lower highs and lows, Bitcoin is now trending upward. If the pattern continues as seen on June 7, BTC could rise by approximately 5.52%, reaching around $71,997 to $72,000.

Resistance levels in the Fair Value Gap (FVG) are anticipated around $69,582 or $70,117. If Bitcoin breaks through, it might approach its all-time high of $73,777. Support is expected in the FVG range of $66,175 to $67,630 on the daily chart. A close below this level could challenge the bullish outlook for Bitcoin.