Bitcoin (BTC) is in the spotlight as it gets close to the $70,000 mark, and it almost returns to the all-time high it once had. As of the 29th of July 2024, the reported cryptocurrency market value was $69,700, and for a very short period, it even reached $69,775 during Asian trading hours, per TradingView data. This latest spike has brought BTC to a point just 5.7% below its record high of $73,757, reached on March 14, 2024.
This major boost comes as Bitcoin is at its highest trading value since June 13, when it also reached the 70,000 mark before facing resistance. The recent surge is attributed to several positive developments and high-profile endorsements.
Bitcoin Sentiment Boosted by Political Figures
Recent bullish sentiment around Bitcoin has been strongly influenced by events at the Bitcoin 2024 Conference, which took place from July 25 to 27. During the conference, U.S. Senator Cynthia Lummis and Robert F. Kennedy Jr. pushed for the U.S. to create a strategic reserve of Bitcoin.
Former President Donald Trump further reinforced the positive outlook, claiming that he would block the government from selling Bitcoin if he were to win re-election. This possible policy modification might add to the upward price pressure and possible supply disruption in the BTC markets.
Adding to the positive outlook, the Core Personal Consumption Expenditures (PCE) index was only 0.1% higher last month, indicating a chance of an interest rate cut in September. Inflation seems to be controlled, and the scheduled Federal Reserve meeting on July 31 supports keeping the interest rate at 5.25% to 5.5%. However, there is a growing signal for a rate cut in September, with an 85.8% chance of a reduction to 5.0% to 5.25%, marking the first decrease since March 2020.
Despite these positive developments, the cryptocurrency still has to deal with some obstacles in the path to new heights. The current status of the cryptocurrency and market expectations reflect the fact that investors are cautious but still have hope for the future, which, in turn, can be seen as a turning point in the evolution of Bitcoin.
As the Bitcoin price is nearing a historical high, attention is being paid to developments and how they will affect the cryptocurrency’s prices in the future.
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