Markets
Why is the cryptocurrency market up today? Bitcoin at $69,310
The cryptocurrency market is booming today, thanks to the enthusiasm surrounding the former president Donald Trump’s speech the final day of the Bitcoin 2024 conference in Nashville. Many believe that 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
Bitcoin price increased by 2.46% to reach approximately $69,310recovering 6.1% from its weekly low of $64,425. This rise occurred just before Trump’s speech at the Bitcoin conference.
There is speculation on social media that Trump may announce plans US President Donald Trump has said that Bitcoin could be a bitcoin reserve in the US if he wins the election, fueling positive sentiment in the market. Since the failed assassination attempt on July 13, the price of Bitcoin has surged by more than 16.50%, reflecting increased confidence in Trump’s electoral chances.
Bitcoin Price Could Hit $87,440
Technical analysis of the daily price chart shows that Bitcoin price has rallied after testing its 50-day exponential moving average (50-day EMA), which has been a strong support level lately.
Bitcoin is now on the verge of breaking above the upper line of its current channel pattern, targeting $70,850, or about 2.5% higher than today.
If Bitcoin hits $69,790, it could trigger a pattern known as an inverse head and shoulders (IH&S), which could push the price even higher in August. If this pattern holds, Bitcoin could reach an upside target of around $87,440 by October.