Bitcoin Bullish Signal Continues to Strengthen, Analysts Ask Investors to Be Aware of This Sentiment

Todaysgist.com, Jakarta – The crypto market is surging, with the price of Bitcoin rising more than 1%, reaching USD 69,500 or equivalent to IDR 1.13 billion (assuming an exchange rate of IDR 16,303 per US dollar) on Monday, July 29, 2024. This surge occurred after a dramatic weekend of former US President Donald Trump’s speech at the Bitcoin Conference 2024.

However, on Tuesday morning, the price of Bitcoin was again slightly corrected to around USD 67,200 or equivalent to IDR 1.09 billion.

Trump used Bitcoin as his main narrative in his speech at the conference held in Nashville, promising his voters to make the United States the crypto capital of the world.

It will also do so by creating a national BTC reserve and, in turn, making the cryptocurrency a permanent national asset.

Tokocrypto trader Fyqieh Fachrur said that Donald Trump’s promises had sparked an optimistic response from traders and investors, with some predicting that the price of BTC would grow tenfold in the future.

“As a result, at the beginning of this week, BTC trading volume again soared above the USD 69,000 level,” said Fyqieh in a written statement, quoted Tuesday (30/7/2024).

Bullish Signal

Fyqieh added that BTC’s bullish signal is predicted to continue to strengthen, especially as the crypto market awaits important events this week, starting from the FOMC interest rate decision, Jerome Powell’s press conference, and US jobs data, which could affect the US interest rate cut plan.

The crypto market will be closely monitoring the upcoming FOMC meeting, expecting cues on the Fed’s interest rate cut plans.

“Although the market expects the central bank to maintain its policy rate in the upcoming meeting, expectations for three rate cuts in 2024 have increased,” Fyqieh explained.