Bitcoin Price Returns to USD 67,800, Trump Speech Plans Trigger Surge

Todaysgist.com, Jakarta – Bitcoin price has risen back to the level of USD 67,800 per coin and continues to struggle against resistance still below the USD 65,000 per coin zone. The lowest price point that Bitcoin touched was USD 63,506.36 before it started to rise again.

Let us understand the reasons behind this rise in Bitcoin.

Quoted from CoinpediaSaturday (27/7/2024), the hourly technical chart shows small moving averages such as 20 and 50 crossing the larger averages of 100 and 200. This is a movement bullish.

Bitcoin price moves in a very strategic sequence, experiencing corrections every few hours. If the price does not experience small corrections regularly, then a major correction will occur after reaching a certain point.

On the 4-hour chart, Bitcoin can be seen trying to close at the $67,800 support level so that it can retest the latest support. This price surge is also caused by the reason that pro-crypto Presidential candidate Donald Trump will speak at the Bitcoin 2024 conference taking place in Nashville on Saturday local time.

At the same time, Bitcoin ETFs have also seen an increase in inflows. All these sentiments indicate that investors are regaining their confidence in Bitcoin.

On the 4-hour chart, we can see a crossover on the MACD chart indicating that the bulls are starting to take over. On the other hand, if we look at the Bitcoin liquidation data, we can see a large number of short traders being liquidated, indicating a bullish market movement.

At the time of writing, Bitcoin is trading at USD 67,988 with a 3.38% increase in the last 24 hours, although BTC trading volume has decreased by 20.32%.

The Fear and Greed Index is at 59 and has a market dominance of 55.4%.

Historical data shows that the market tends to have a slight correction after surging and breaking through resistance. This is necessary for the market to retest recent support.

As of now, Bitcoin price is right in the support zone and before it can move towards the USD 68,000 resistance zone, the price may need to consolidate in this zone for a few hours.

Also, keep an eye on Donald’s speech at the Nashville conference, it could give Bitcoin a sudden boost.

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