Despite US presidential candidates pledging to build a strategic Bitcoin reserve, BTC price remains steady at $68K, hinting at market resilience.
Bitcoin remains stable at $68,000, despite significant pledges from US presidential candidates to create a substantial Bitcoin reserve if elected. The market has shown resilience, with BTC price gains yet to materialize from these political promises.
Key Points:
Bitcoin Price Stability:
BTC price stabilized around $68,000 following volatility related to the Bitcoin 2024 conference.
Market anticipation for a price surge did not materialize despite major political pledges.
Political Pledges and Market Reaction:
Donald Trump and Robert F. Kennedy Jr. promised to build a strategic Bitcoin reserve of at least 200,000 BTC.
The market's response was muted, with no significant price surge following these announcements.
Market Analysis:
Charles Edwards of Capriole Investments highlighted the potential impact of a US strategic reserve for Bitcoin.
Daan Crypto Trades noted the surprising lack of immediate market response but suggested the potential for future price adjustments.
Weekly and Monthly Closes:
Traders are now focusing on Bitcoin's upcoming weekly and monthly closes.
Bitcoin's weekly RSI shows a potential for upside continuation, while some analysts remain cautious about key resistance levels.
July Performance:
BTC/USD showed a 7.8% increase in July, recovering from losses in June.
Market sentiment remains positive, with traders closely watching future developments.
Despite ambitious crypto promises from US presidential candidates, Bitcoin's price remains steady at $68,000. The market's muted reaction suggests a wait-and-see approach, with traders focusing on upcoming weekly and monthly closes for further direction.
Source: Cointelegraph
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