Bitcoin holds steady ahead of Trump’s speech

Bitcoin is demonstrating resilience amid a broader market downturn, recovering swiftly from a recent dip even as technology stocks in the United States experience declines. In contrast, Ethereum and other smaller cryptocurrencies have suffered significant losses.

In recent trading, bitcoin tested the $63,500 level, which is also in line with the 50-day moving average, before rebounding. Bitcoin is currently attempting to achieve equilibrium at approximately $67,000 as of the morning of July 26, 2024, which represents a substantial 5% increase from its most recent low.

Focus of interest: Donald Trump

On Saturday, Donald Trump, a cryptocurrency advocate and presidential candidate, will attend the Bitcoin 2024 festival in Nashville, Tennessee. He is expected to discuss Bitcoin and may describe it as a strategic reserve asset, likely boosting support for the cryptocurrency.

Miners and whales assist

Large investors in bitcoin, also known as bitcoin whales, have acquired 358,000 of the cryptocurrency in July alone, according to Ki Young Ju, CEO of the South Korea-based analysis firm CryptoQuant. Furthermore, Marathon Digital Holdings, a significant miner, disclosed that it acquired bitcoin valued at $100 million last month.

Bitcoin’s key levels

In anticipation of bitcoin’s transformation into a “strategic reserve asset,” whales and miners are making purchases.

Key price levels to watch:

• Strong support: $63,500 to $65,000. If bitcoin’s price drops to this range, it could rebound.
• Significant resistance: $68,500. Breaking through this level could propel bitcoin toward $72,000.