‘Feels surreal’ — Bitcoin sticks to $68K as market ignores 200K BTC US election pledge
2024.07.28 09:05
Bitcoin headed for a crunch weekly close on July 28 after markets shook off United States presidential candidates’ crypto pledges.
BTC/USD 1-hour chart. Source: TradingView
BTC price brushes off Trump crypto policy plans
Data from Cointelegraph Markets Pro and TradingView showed the Bitcoin (BTC) price stabilizing after flash volatility around the Bitcoin 2024 conference.
Anticipation of a snap price surge had built far in advance of the event. Two presidential candidates, Donald Trump and Robert F. Kennedy Jr., both stated plans to build a strategic Bitcoin reserve of at least 200,000 BTC. However, the impact was muted.
“There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, reacted on X, referring to Trump’s election odds.
Popular trader Daan Crypto Trades suggested that the overall lack of market response could be a question of time.
“Think people are a bit surprised and confused by this timeline,” he wrote in his own X analysis of speeches by Trump and others.
“Feels surreal what we just saw & heard. We basically got what we wanted. This was partially priced in but we saw a big flush of longs before Trump made the statement.”
Daan Crypto Trades added that was “heavily underpricing” the strategic reserve commitments.
“Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” he noted, referencing recent sell-side pressure from state actors.
“This is more than the German Government & Mt. Gox together.”
Bitcoin monthly close in focus
With the conference buzz dying down, Bitcoin traders thus turned their attention to the upcoming weekly and monthly close.
Related: Key altcoin season metric in accumulation mode as Bitcoin dominance peaks
The previous candle finish came in at nearly $68,200, leaving uncertainty over whether the week would ultimately see losses.
Analyzing relative strength index (RSI) data, popular trader MegaWhale Crypto nonetheless hoped for upside continuation.
“BTC weekly RSI has broken upward! This is a great sign, however to validate the breakout the RSI will need to sustain > the diagonal down trending resistance until weekly close and close above,” he summarized on July 27.
BTC/USDT chart with RSI data. Source: MegaWhale Crypto
Keith Alan, co-founder of trading resource Material Indicators, was more conservative. Bitcoin, he said, was still rejecting from key resistance overhead.
Source: Keith Alan
Data from monitoring resource CoinGlass showed BTC/USD up 7.8% in July, cancelling out the losses seen in June.
BTC/USD monthly returns (screenshot). Source: CoinGlass
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.
