Bitcoin bulls grill $68K as US rebound raises BTC price 7% daily
Bitcoin matched a three-day high at the July 26 Wall Street open on excitement surrounding the Bitcoin 2024 conference.
Bitcoin removes mixed PCE data
Data from Cointelegraph Markets Pro and TradingView confirmed that the price of Bitcoin (BTC) is at a high of $67,963 on Bitstamp.
BTC price action offset mixed US inflation data to maintain gains throughout the Asian trading session.
This came in the form of the Personal Consumption Expenditure (PCE) index, which showed higher spending than expected, joining strong unemployment data from the previous day.
Despite this, Bitcoin has joined US stocks in moving to higher levels, with BTC/USD up nearly 7% from the previous day's lows at the time of writing.
With price action on the lower timeframe remaining from the range limit, traders have concluded that the overall picture favors Bitcoin bulls.
“Bitcoin has formed a massive downward-expanding cliff around previous cycle highs!” Famous businessman Jelle wrote in one of his latest X posts.
“Price seems eager for trouble — and once it is, I expect the move to be sharp. Initial goal: $85,000.
Another chart sees Jelle issuing a price target of 74,000 BTC based on liquidity in the exchange's order book.
For colleague CrypNuevo, the key target was $68,900 – the position is immediately below the psychologically significant price that corresponds to Bitcoin's old all-time high in 2021.
“Liquidity at $68.9k is very high this week. We will confirm our expectations on Sunday: this week's drop at around $68.9k was just a run for more liquidity and liquidity. We're getting there,” he said in a post on ExtraX, which provides liquidity information for CoinGlass. He added.
Weekend BTC Price Volatility Expected As Trump Addresses Bitcoin 2024
Despite the lack of institutional trading, the weekend looked volatile as US presidential candidate Donald Trump took the stage at the Bitcoin 2024 conference in Nashville, Tennessee.
Related: Bitcoin Traders Warn BTC Price Could Still Fall To $62K Or ‘Even Lower'
At 2pm ET on July 27th, Trump has been a huge promoter of crypto markets, including a policy of support in his campaign.
As the weekly and monthly close approaches, prominent trader and analyst Rect Capital has pointed out that the coming weekend is key.
“Bitcoin successfully entered $65,000 and bounced back. Now let's see Bitcoin rise to $71,500 now,” X's post read.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
