Bitcoin reached the $70,000 mark again on July 29, and remained only about 6% below its historical high.

The recent positive sentiment around Bitcoin was driven by the speeches of two US presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25 to 27.
Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis talked about creating a strategic Bitcoin reserve for the United States, while former President Donald Trump said the government would no longer sell Bitcoins if he was elected. If this happens, there could be significant buying pressure and a potential supply shock in the BTC markets.

From a technical point of view, the price has updated the local maximum around the $68400 level, which we wrote about on Friday and is now experiencing resistance from sellers in the area of historical highs of the asset price. Sellers in this zone can be both participants who open short positions and buyers who close buy positions — with profit, due to increasing uncertainty about whether growth will continue and whether the historical maximum of prices will be updated.
If the selling pressure is strong enough and triggers that provoke aggressive purchases do not appear in the information field, we may see prices return to the middle of the range with testing of the local support zone around the $63,000 level.

A significant event that can affect the dynamics of trading will also be the decision on the key rate of the US Federal Reserve System, which will be announced on Wednesday.