Bitcoin soars as Trump advocates holding: BTC touches $70K

Over the weekend, at the “Bitcoin 2024” conference in the United States, presidential candidate Trump made a significant speech. Contrary to expectations, Trump did not designate bitcoin as a strategic reserve asset. However, he advised, “Never sell bitcoin,” and indicated that, if elected, his administration would also choose not to sell the BTC held by the U.S. government.

Trump promised to make the United States a global leader and superpower in cryptocurrency. Against this backdrop, bitcoin’s price on July 29, 2024, climbed to its highest levels in the past seven weeks, touching $70,000. In the morning, trading hovered around $69,500. Compared to the July low of $53,500, BTC has seen a significant increase of about 30%.

Bitcoin 2024 targets and expectations

Short-term, the $68,000-$69,000 range, where the 5-day moving average is located, stands out as the initial trend. If Bitcoin moves below this zone, it could retrace back to $65,000.

Bitcoin was seen to touch $70,000 during the day on Monday. If BTC breaks through this resistance, the next technical target is $72,000.

Municipalities also invest in BTC

Meanwhile, the BTC trend is catching on with U.S. municipalities. Jersey City Mayor Steven Fulop announced that the city’s pension fund would invest in Bitcoin ETFs. The state of Wisconsin previously made a similar BTC investment, with its portfolio containing $164 million worth of BTC. Analysts expect other states and municipalities to follow suit.

Profit-taking warning

Last week, over $1 billion flowed into Bitcoin ETFs in the United States, according to analysts. They emphasize that investors have met short-term expectations, achieved significant gains, and are approaching key resistances. Since Trump did not define bitcoin as a reserve asset, profit-taking could occur, and investors should remain cautious.