The weekend remains favorable for Bitcoin, as the price shifted from a bearish to a bullish trend. Bitcoin witnessed a positive change heading toward the $70K mark, just 6% away from its all-time high.
On July 29, the price touched $69,775 during the initial trading hours, as per CoinMarketCap data. This price movement is the highest since June, when the asset hit the $70K figure, where it found resistance and retreated slightly.
Famous analysts Incomeshark posted on X, stated that the Bitcoin rally is about to start and it may cross $80K in the fall.
Another crypto analyst, Titan of Crypto, also posted on X about the Bitcoin price movement by explaining the “handle of the cup” technique. He advised his audience to fasten their seatbelts for the upcoming Bitcoin price change.
Presidential candidates’ proposals and federal reserve’s role in Bitcoin surge
The change in Bitcoin price sentiment is driven by the speeches of some United States presidential candidates. At the Bitcoin 2024 conference, Robert F. Kennedy Jr. proposed to purchase at least 200,000 Bitcoin and add them to the federal reserves to secure a prominent position in the global economy.
After Kennedy’s speech, former U.S. President Donald Trump put the same opinion if reelected for the presidential seat. He also proposed to change the SEC chairperson to make crypto regulations transparent in the country.
The Personal Consumption Expenditures index just increased by 0.1% in June leading to a cut in the interest rates in September as the inflation rate is in control of the country. The Federal reserves meeting is going to be held on July 31, during which they decide the interest rate.
Analysts predict that the Federal Reserve will keep the interest rate unchanged, however, CME Group thinks that the interest rate will remain between 5.25% and 5.5%.
The central bank of the U.S. expressed its intention to maintain a cut-rate between 5.0% and 5.25%; this will be the first reduction since March 2020.
