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US Debt Hits $35T — 5 Bitcoin Updates This Week

Bitcoin bulls eye $70,000 amid positive sentiment, crucial resistance tests, and key economic events impacting market dynamics.

• Main Points:

  • Price rebound: Bitcoin approaches $70,000, aiming for new highs.

  • Sentiment boost: Positive social media sentiment at a 16-month high.

  • Key events: Fed rate decision and US unemployment data.

  • Miner activity: Bitcoin mining difficulty set for new highs.

  • Market sentiment: Fear & Greed Index nearing "extreme greed."

• Detailed Insights:

  • Price rebound: Bitcoin's price rebound sees BTC/USD nearing $70,000, recovering lost support and setting the stage for potential new highs. The latest weekly close turned green, reflecting bullish momentum.

  • Sentiment boost: Positive sentiment around Bitcoin has surged to a 16-month high, driven by a 20% price rally over the past three weeks. Social media mentions and comments about Bitcoin have become significantly more favorable.

  • Key events: The Federal Reserve's interest rate decision and subsequent press conference by Chair Jerome Powell could significantly impact Bitcoin's price. Additionally, US unemployment data later in the week may contribute to market volatility.

  • Miner activity: Bitcoin mining difficulty is projected to hit new all-time highs with an estimated 8% increase. This reflects strong miner confidence and network resilience, supported by rising hash rates.

  • Market sentiment: The Crypto Fear & Greed Index is at 74/100, nearing "extreme greed." Bullish sentiment among crypto traders is at its highest since the bull market began, with many expecting Bitcoin to return to its record highs by October.

Related: BRICS Crypto Threat to US Dollar

Bitcoin's current momentum and positive sentiment suggest potential for further gains, but market volatility remains a key factor to watch as economic events unfold.

Why Is Ether (ETH) Rising Today?

Ether's price surged following Donald Trump’s crypto endorsement at the Bitcoin 2024 conference and in anticipation of the Federal Reserve meeting.

• Main Points:

  • Trump endorsement: Major boost from pro-crypto speech.

  • Federal Reserve: Rate cut speculations lifting crypto.

  • Market sentiment: Positive funding rates and short covering.

  • Technical rebound: Bounce from key moving averages.

• Detailed Insights:

  • Trump endorsement: Ether’s price rose 3.5% to nearly $3,400 after Donald Trump’s keynote at the Bitcoin 2024 conference. Trump proposed a national strategic Bitcoin reserve, and Senator Cynthia Lummis announced a bill for the US Treasury to acquire 1 million BTC over five years. This endorsement has fueled optimism for a more favorable regulatory environment.

  • Federal Reserve: Anticipating the Federal Reserve’s policy announcement on July 31 has also boosted Ether’s price. Traders are hopeful for a potential interest-rate cut in September, which could make non-yielding assets like Ether more attractive. The probability of a rate cut in September has increased to 87.7%.

  • Market sentiment: Ether’s funding rates reached levels last seen in June, indicating bullish sentiment. The funding rate rose to 0.26% weekly, while open interest declined, suggesting short covering and increased bullish sentiment.

  • Technical rebound: Ether’s price gains are part of a rebound from key support levels, including the 200-day EMA and a Fibonacci retracement line. Ether is approaching the upper trendline of its descending channel at around $3,460. A breakout above this level could push the price toward $3,600.

Related: Bitcoin Consolidation Continues

Ether’s recent price surge reflects positive sentiment from major endorsements and favorable economic conditions, positioning it for potential further gains.

Bitcoin Nears $70K — Only 6% Away from All-Time High

Bitcoin approaches $70,000, reaching a seven-week high and coming within 6% of its all-time peak.

• Main Points:

  • Price surge: Bitcoin nears $70,000, hitting $69,775.

  • Analyst prediction: Potential breakout to $110,000.

  • Political support: US presidential candidates and senators endorse Bitcoin.

  • Economic factors: Lower inflation boosts rate cut expectations.

• Detailed Insights:

  • Price surge: Bitcoin prices reached $69,775 during Asia trading hours on July 29, closing in on its all-time high of $73,757 from March 14. This marks the highest Bitcoin has traded since June 13.

  • Analyst prediction: Analyst "Titan of Crypto" suggested that Bitcoin could reach $110,000, noting the asset is breaking out from a cup and handle chart pattern.

  • Political support: Positive sentiment has been driven by endorsements from US presidential candidates Robert F. Kennedy Jr. and Donald Trump, and Senator Cynthia Lummis at the Bitcoin 2024 conference. They discussed establishing a strategic Bitcoin reserve, which could create buying pressure and a potential supply shock.

  • Economic factors: The Personal Consumption Expenditures index rose just 0.1% in June, increasing confidence in an interest rate cut in September. The Federal Reserve meeting on July 31 is expected to keep rates unchanged, with a 95.9% likelihood. However, there is an 85.8% chance of a rate cut in September, which would be the first reduction since March 2020.

Related: Microstrategy Joins MSCI World Index Amid Bitcoin Rally

Bitcoin’s strong performance and supportive political and economic factors suggest potential for further gains as it nears its all-time high.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results