On July 29, Bitcoin approached the $70,000 mark, hitting a seven-week high, although it is still about 6% below its all-time high.

According to data from TradingView, the price of Bitcoin (BTC) hit $69,775 during the Asian trading session on July 29.

That leaves the asset’s price just 5.7% from its all-time high of $73,757 reached on March 14, four and a half months ago.

This is the highest price Bitcoin has traded at since June 13, when it reached $70,000, but encountered resistance there and fell back again.

On July 27, analyst “Crypto Giant” told his 86,000 X followers that a price of $110,000 for Bitcoin is “programmed” because the asset is “breaking out” of the “handle” of a cup-and-handle chart pattern.

The recent positive sentiment for Bitcoin was fueled by the presence of two U.S. presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference, which took place from July 25 to 27.

Robert Kennedy and Senator Cynthia Loomis have spoken about building a strategic Bitcoin reserve for the United States, while Donald Trump has said the government would no longer sell Bitcoin if he is elected. If this were to become a reality, it would bring significant buying pressure and a potential supply shock to the Bitcoin market.

In addition, the personal consumption expenditures index (core PCE) rose only 0.1% last month, and with inflation under control, people's confidence in a rate cut in September has increased.

The Federal Reserve meets on July 31, where it is expected to make another interest rate decision.

However, the market expects the Fed to keep interest rates unchanged, with the CME Group predicting a 95.9% chance of no change, with rates remaining between 5.25% and 5.5%.

However, signals of a rate cut in September are strengthening, with an 85.8% chance of a cut to 5.0% to 5.25%, which would be the first rate cut since March 2020.