Why is Bitcoin (BTC) Price Up Today?

NOIDA (CoinChapter.com)— Bitcoin prices are close to breaching the $70,000 price mark on July 29, emboldened by news coming out of the Bitcoin Conference 2024.

Bitcoin price has been on an uptrend since July 25, reaching a daily high near $69,950 before retreating slightly. Speeches by various prominent figures, including former president Donald Trump, supporting the prime crypto, helped turn the market sentiment bullish.

Impact of Bitcoin 2024 Conference on Bitcoin Price

The Bitcoin 2024 Conference has boosted Bitcoin’s price through key events and speeches. Former President Donald Trump’s promises to make the US the “crypto capital of the planet” and establish a national Bitcoin stockpile likely attracted buyers to the market.

Moreover, his pledge to retain and acquire Bitcoin for US strategic reserves increased investor confidence. US Senator Cynthia Lummis revealed a bill to direct the Treasury to acquire one million BTC tokens, aligning with Trump’s vision of crypto dominance.

Trump’s critique of the Biden-Harris administration’s anti-crypto stance and his promise to fire SEC Chair Gary Gensler reinforced his pro-crypto position, appealing to the crypto community.

Presidential candidate Robert F. Kennedy Jr.’s commitment to make Bitcoin a strategic reserve asset and purchase 550 BTC daily would likely help increase the buying pressure in favor of BTC. Furthermore, a move like that would add some legitimacy to Bitcoin’s regulatory position.

Moreover, Michael Saylor’s projection of Bitcoin reaching $13 million by 2045 also contributed to positive market sentiment.

The conference has created a favorable environment for the token, with high-profile endorsements and strategic policy proposals driving the price surge.

Bullish Technicals Adds Bullish Cues

Meanwhile, BTC has formed a bullish technical pattern called the ‘Inverse Head and Shoulders‘ pattern, which the token’s latest move has brought into play.

In detail, the inverse head-and-shoulders pattern entails three consecutive bottoms – the shoulders and the head in between. All three dips connect through a mutual Neckline. As the formation progresses, the price action forms the three dips and returns to the neckline.

In detail, the inverse head-and-shoulders pattern entails three consecutive bottoms – the shoulders and the head in between. All three dips connect through a mutual Neckline. As the formation progresses, the price action forms the three dips and returns to the neckline.

Moreover, the pattern predicts a surge if the token conquers the neckline. The BTCUSD pair could jump over 27%, bringing the token’s exchange rate to $89,090. The prime crypto’s price is currently near the neckline of the pattern.

The post Why is Bitcoin (BTC) Price Up Today? appeared first on CoinChapter.