The Bitcoin price jumped 4% in the last 24 hours to trade for $67,340 as of 07:23 a.m. EST.
It comes amid hype around the Bitcoin 2024 Conference in Nashville, Tennessee, where several billionaires from different industries are lined up to speak. Republican ticket nominee and former US President Donald Trump is among them, featuring as the headline speaker.
Trump set $844,600 (13.20 BTC) as the price for a roundtable at Nashville’s Bitcoin Conference in his own private event. Photos with Trump cost $60,000 per person, or $100,000 per couple, as a part of fundraising for his bid to become president.
Trump has given crypto and Bitcoin a key role in his presidential campaign ahead of the November elections. This started with his move to accept crypto donations to facilitate his campaign. Reports indicate that the donations have reached over $4 million as of July 26.
Brian Hughes, a Trump campaign aide, emphasized the importance of this new funding stream.
“Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats,” he said . “While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies.”
In a separate development, rival presidential candidate Robert Kennedy Jr., who is running independently, has proposed a $615 billion Bitcoin investment if he wins the November elections.
If he succeeds, he would effectively equate the nation’s Bitcoin reserves with its gold assets. The commitment comes as he aims to make America the world’s largest Bitcoin holder.
Bitcoin Price Prediction
The Bitcoin price is trading with a bullish bias, holding well above the 50% Fibonacci placeholder of $63,558. It comes after a series of higher highs over the past several weeks. The pioneer cryptocurrency has escaped above the Fibonacci Golden Zone when it crossed above the 38.2% Fibonacci level of $65,921.
There are prospects for more gains, with the Relative Strength Index (RSI) well above the mean level of 50. Similarly, the Moving Average Convergence Divergence (MACD) is above its signal line, showing buying pressure exceeds seller momentum. Noteworthy, the RSI is also recording higher highs, showing momentum has been building over the last several days.
If bulls increase their buying strength, the Bitcoin price could extend the climb to tag the 23.6% Fibonacci retracement level of $68,844. A candlestick close above the aforementioned level would encourage more buy orders, potentially sending the pioneer crypto further north.
In a highly bullish case, the gains could extrapolate to the top of the market range at $73,570, levels last tested in mid-March. Overcoming this barrier would allow the pioneer crypto to record a new all-time high.
GeckoTerminal: BTC/USD 1-day chart
Conversely, if traders start booking profits for the gains made, the Bitcoin price could begin to drop. A break and close below the 50% Fibonacci level of $63,558 would increase the odds for further downside. Nevertheless, the bullish thesis can only be invalidated once BTC breaks and closes below $53,547. This lower low would signify a change in market structure.
