Markets
Why is the crypto market up today? Bitcoin at $69,310
The cryptocurrency market is experiencing a major boost today, thanks to the excitement surrounding the former president Donald Trump’s speech on the final day of the Bitcoin Conference 2024 in Nashville. Many believe Trump’s recent surge in popularity after a failed assassination attempt could lead to a victory in November.
Bitcoin Jumps 2.5% Ahead of Trump Speech
The price of Bitcoin rose by 2.46% to approximately $69,310recovering 6.1% from its weekly low of $64,425. This increase occurred just before Trump’s speech at the Bitcoin conference.
There is speculation on social media that Trump could announce plans for a US Bitcoin reserve if he wins the election, fueling positive sentiment in the market. Since the failed assassination attempt on July 13, the price of Bitcoin has risen more than 16.50%, reflecting increased confidence in Trump’s electoral chances.
Bitcoin Price Could Reach $87,440
Technical analysis of the daily price chart shows that Bitcoin price has recovered after testing its 50-day exponential moving average (50-day EMA), which has been a strong support level lately.
Now, Bitcoin is close to breaking the upper line of its current channel pattern, aiming for $70,850, about 2.5% higher than where it is now.
If Bitcoin reaches $69,790, it could trigger a pattern known as an inverse head and shoulders (IH&S), which could increase the price further in August. If this pattern holds, Bitcoin could reach an upside target of around $87,440 by October.