Bitcoin faced a crucial weekly close on July 28, as the market reacted to recent statements by U.S. presidential candidates regarding cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized after experiencing volatility linked to the Bitcoin 2024 conference.
The market had been anticipating a possible price surge due to the event.
Notably, presidential candidates Donald Trump and Robert F. Kennedy Jr. both announced plans to establish a strategic Bitcoin reserve of at least 200,000 BTC.
However, the market response was subdued. Charles Edwards, founder of Capriole Investments, remarked on X, “There’s a 65% chance of a US strategic reserve for Bitcoin and you can still buy it for under $70K,” referencing Trump’s election odds.
Trader Daan Crypto Trades suggested that the muted market reaction might be temporary, saying, “Think people are a bit surprised and confused by this timeline.”
He noted that while the market received the news it wanted, there was significant liquidation of long positions before Trump’s announcement, which might have influenced price stability.
Daan Crypto Trades also highlighted the underestimation of the strategic reserve commitments, pointing out that not selling seized coins could eliminate a significant supply overhang.
He stated, “Even if they won’t buy any new coins, just holding their seized coins will rule out a ~$15B supply overhang,” comparing it to the supply pressures from entities like the German government and Mt. Gox.
As the excitement from the conference subsided, traders focused on the upcoming weekly and monthly Bitcoin close. The previous weekly close was near $68,200, leaving uncertainty about the week’s outcome.
Trader MegaWhale Crypto was optimistic, noting, “BTC weekly RSI has broken upward!
“This is a great sign,” but emphasized the need for sustained RSI levels above a downward trend line to confirm the breakout.
Meanwhile, Keith Alan, co-founder of Material Indicators, expressed caution, noting Bitcoin’s ongoing resistance challenges.
Monitoring resource CoinGlass reported that BTC/USD had increased by 7.8% in July, recovering losses from June.
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