Bitcoin Price Rally: Trump’s Crypto Comments Push BTC Towards $80K

 

Bitcoin price soars to a six-week high, surpassing $69,711 amidst a surge in pro-crypto sentiment from Republican presidential hopeful Donald Trump. With a 3.3% increase in the last 24 hours, BTC’s momentum is pushing it towards the critical resistance range of $70k-$73k against the USD. Stay tuned for further market developments.

 

• Bitcoin Dominance Soars
• Crypto Market Shock: Trump Coin Falls Amid Biden Exit
• Economic Outlook Favorability

 

 

Bitcoin Dominance Soars

 

Bitcoin’s dominance is on the rise, as its price surges towards the $74k threshold. This momentum is pushing the crypto king to reclaim market share from altcoins, with its weekly dominance topping 56% for the first time since April 2021. Crypto analyst Benjamin Cowen predicts a further climb towards 60% dominance in the coming months, signaling a major shift in the crypto landscape. Don’t miss out on the opportunity to invest in Bitcoin’s resurgence.

 

 

 

 

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Crypto Market Shock: Trump Coin Falls Amid Biden Exit

 

Despite Biden’s exit, the Super Trump coin is facing a steep decline. In contrast, Bitcoin is gaining momentum as the underperformance of US-based Ethereum ETFs drives investors towards it. Captain Faibik, a renowned crypto analyst, predicts a potential upside breakout for Bitcoin, with a midterm target of $80k if the resistance range between $70k and $73k solidifies as support. However, investors should be cautious as August historically isn’t the best month for the crypto market, and a potential correction could precede a breakout in October. Stay informed and make informed decisions.

 

 

 

 

 

Economic Outlook Favorability

 

Bitcoin’s economic outlook remains favorable, with the fourth halving spurring institutional interest and cash inflows into US-based spot Bitcoin ETFs totaling nearly $3 billion over the past month. The Federal Reserve’s upcoming interest rate decision on August 1 is widely anticipated, with a 96% chance of no change but an 85.8% probability of a 25 bps cut in September. This potential rate cut, along with Bitcoin’s halving-driven scarcity, positions the cryptocurrency as a strong asset for investors seeking stability and growth in an uncertain economic landscape. As institutional adoption grows, Bitcoin’s long-term value proposition becomes increasingly compelling.

 

 

 

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