Bitcoin price hit a 30-day peak of $68,457 on Monday, July 22, 2024, as BTC markets reacted to crypto-friendly Donald Trump further extending his lead after Biden dropped out of the presidential re-election race.
Biden’s Statement Sends BTC Price To 30-Day Peak
After experiencing a minor corrective panic on Friday, July 19, Bitcoin price re-entered an upward trend over the weekend following a dramatic turn of events in the US presidential race.
On July 21, US President Joe Biden announced his decision to drop out of the 2024 re-election race. Investors expect the move could further tilt market momentum in favor of Donald Trump, the self-proclaimed crypto-friendly candidate.
As a result, Bitcoin, like the rest of the cryptocurrency markets, experienced significant buying pressure over the weekend.
Bitcoin price fell to a daily low of $63,294 amid high market volatility on Friday, July 19. However, following Biden’s statement on Sunday, Bitcoin price rose 8.28% to $68,477 at the opening of U.S. markets on Monday, July 22.
Notably, $68,477 is the highest Bitcoin price has been in the last 30 days since June 10. This shows that US investors are taking a bullish stance on BTC as Trump further extends his lead ahead of the November 2024 presidential election.
Moreover, with Bitcoin’s market cap up over $100 billion during its 8.2% weekend rally, other altcoin markets also benefited from the improved market sentiment. The Crypto TOTAL Cap chart above clearly shows how the aggregate valuation of the broader crypto market has risen by 7.74% (~$175 billion) in the last 72 hours.
During the Biden administration, the U.S. government has been embroiled in lengthy legal battles with various cryptocurrency entities, including Ripple, Binance, Coinbase, Uniswap, and many others. The administration has also secured convictions of high-profile figures like Sam Bankman-Fried and Binance co-founder/CEO Changpeng Zhao.
Unsurprisingly, the positive market reaction over the weekend suggests that investors believe a Donald Trump presidency could potentially provide a more favorable regulatory landscape for the broader crypto market than the one that existed in the sector under Biden.
If this trend continues, it could lead to the formation of strong resistance and prevent sharp corrections in the short term as Bitcoin price approaches the $70,000 mark.
BTC Price Prediction: $70K Target Is Near
Bitcoin price action over the last 72 hours points to a significant uptrend, having recovered strongly from recent lows. The price has risen back above the Arnaud Legoux 9-day moving average (ALMA) at $67,117.61, indicating short-term bullish momentum.
Moreover, the Bollinger Bands (BB) with the upper band at $69,353.58 and the lower band at $52,878.43 are widening, indicating increased volatility, which is often a precursor to a major breakout.
Bitcoin is currently facing resistance around the $68,000 level, as evidenced by the recent pullback from its high. If BTC can overcome this resistance, the next significant target will be $70,000, which coincides with the upper Bollinger band.
On the downside, immediate support lies at the 9-day ALMA at $67,117.61 and a more significant support level lies at the lower Bollinger Band at $61,116.00.
The recent 8.28% three-day gain, as shown on the chart, further supports the bullish outlook. However, traders should remain cautious due to increased volatility. A sustained move above $68,000 could pave the way for further gains towards the $70,000 target, but failure to hold this level could result in a pullback to the aforementioned support zones.
Overall, while technical indicators point to a bullish trend with a visible target at $70,000, traders should keep an eye on potential resistance at $68,000 and keep a close eye on support levels to manage their positions effectively.
