Products You May Like
- Bitcoin extends gains early on Saturday rallies to $68,295 ahead of Donald Trump’s speech.
- Trump is lined up to address crypto traders at the Nashville Bitcoin Conference on July 27.
- Bitcoin could rally to its target of $72,000, extending gains by nearly 6%.
Bitcoin (BTC) is likely to experience heightened volatility as traders prepare for Donald Trump’s address at the Bitcoin Conference in Nashville. The US Presidential candidate is popular for his pro-crypto stance and data shows that Trump has raised over $6 million in funds from crypto-related Political Action Committees (PAC) and donors.
Bitcoin trades at $68,100 at the time of writing and the asset has sustained recent gains as traders remain optimistic for further gains in the cryptocurrency.
Donald Trump’s speech at Bitcoin conference, and what to expect
Analysts at QCP Capital highlighted the “Trump effect” on Bitcoin, where the options market noted double the realized volume, expecting gains in Bitcoin.
Large funds have noted topside positioning for options expiring on August 2, throughout the week. Analysts predict a breakout move in response to Trump’s speech on July 27.
Bitcoin hovers around $62,000 early on Saturday. The asset could extend its gains as traders “buy the news” of Trump’s address at the Nashville conference. This could act as a bullish driver and push price higher in the short term.
Bitcoin could extend gains and target $72,000
Bitcoin is currently in an upward trend, forming higher highs and higher lows, after the correction between July 2 and 5. BTC could extend gains by 5.52% and rally to target at $71,997, close to the $72,000 mark. This represents Bitcoin’s high at June 7.
Bitcoin could face resistance at the upper and lower boundary of Fair Value Gap (FVG) at $69,582 and $70,117. If rally continues, BTC could target its all-time high of $73,777.
The momentum indicator, Moving Average Convergence Divergence (MACD) signal underlying positive momentum in Bitcoin’s uptrend.
BTC/USDT daily chart
Bitcoin could find support at $66,175 and $67,630, the upper and lower boundary of the Fair Value Gap (FVG) in the daily chart seen above. A daily candlestick close in the FVG could invalidate the bullish thesis for Bitcoin.