Bitcoin bulls grill $68K as US rebound lifts BTC price 7% in a day
2024.07.26 11:20
Bitcoin matched three-day highs at the July 26 Wall Street open as excitement built around the Bitcoin 2024 conference.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin shrugs off mixed PCE data
Data from Cointelegraph Markets Pro and TradingView confirmed Bitcoin (BTC) price highs of $67,963 on Bitstamp.
BTC price action shrugged off mixed United States inflation data to preserve gains throughout the Asia trading session.
This came in the form of the Personal Consumption Expenditures (PCE) Index and showed spending surpassing expectations, joining strong unemployment data from the day prior.
Source: Skew
Despite this, Bitcoin joined US stocks in heading higher, with BTC/USD up nearly 7% versus the prior day’s lows at the time of writing.
With low-timeframe price action remaining rangebound, traders zoomed out to conclude that the overall picture favored Bitcoin bulls.
“Bitcoin has formed a massive descending broadening wedge, right around the previous cycle highs!” popular trader Jelle wrote in one of his latest X posts.
“Price looks eager for a breakout — and once it does, I expect the move to be sharp. First target: $85,000.”
BTC/USD chart. Source: Jelle/X
Another chart saw Jelle projecting a $74,000 BTC price target based on liquidity across exchange order books.
For fellow trader CrypNuevo, the key target was $68,900 — the area immediately below a psychologically significant price level corresponding to Bitcoin’s old all-time highs from 2021.
Source: CrypNuevo
“The liquidations at $68.9k have increased a lot this week. We can confirm what we anticipated on Sunday: This week’s drop was just a shakeout and a run for liquidity to gather even more liquidations at $68.9k area. We’re going there,” he added in a further X post that featured liquidation data from monitoring resource CoinGlass.
Bitcoin liquidation heatmap. Source: CrypNuevo/X
Weekend BTC price volatility expected as Trump addresses Bitcoin 2024
Despite the absence of institutional trading, the weekend looks set for volatility as United States presidential candidate Donald Trump takes the stage at the Bitcoin 2024 conference in Nashville, Tennessee.
Related: Bitcoin traders warn BTC price can still dip to $62K or ‘even lower’
Due at 2 pm Eastern Time on July 27, Trump is already a bullish catalyst for crypto markets, having incorporated supportive policy into his campaign.
With the weekly and monthly close drawing closer, popular trader and analyst Rekt Capital suggested that the upcoming weekend could prove key.
“Bitcoin successfully dipped into $65,000 and rebounded. Now let’s see if Bitcoin now rallies to $71,500,” part of an X post read.
BTC/USD chart. Source: Rekt Capital/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
