Bitcoin (BTC) News Today: BTC Eyes $70K Amid Trump’s Potential Bitcoin Policy

Friday: Market Overview

On Friday, July 26, BTC rallied 3.12%. Following a 0.69% gain from Thursday, July 25, BTC closed at $67,900.

US Politics Fuels BTC Buying Frenzy

Investor anticipation of Donald Trump’s keynote speech at Bitcoin 2024 fueled BTC demand.

Speculation circulated about Trump promising to create a Bitcoin Reserve Policy if he became the US President.

A United States shift from BTC seller to buyer could significantly alter BTC’s trajectory. The US could compete with China for BTC as the markets debate whether China will consider BTC after its gold-buying spree.

On Friday, MicroStrategy (MSTR) founder and Chairman Michael Saylor quoted Robert Kennedy Jr. on X (formerly Twitter),

“I would like to have the federal government begin to buy Bitcoin and, over my term in office, ultimately have an equivalent amount of bitcoin that we have gold.”

US BTC-Spot ETF Market Sees More Inflows

The US BTC-spot ETF market saw total net inflows of $51.8 million, marking net inflows for 15 of the last 16 sessions.

According to Farside Investors,

• On Friday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $26.5 million.
• iShares Bitcoin Trust (IBIT) had net inflows of $23.2 million.
• Bitwise Bitcoin ETF (BITB) saw net inflows of $31.4 million.
• VanEck Bitcoin Trust (HODL) reported net inflows of $19.2 million.

The inflow trends emphasized the US BTC-spot ETF market’s role in the demand side of the supply-demand equation.

Mt. Gox: 80,128 BTC Equivalent to $5.43 Billion on Ice

On Saturday, July 28, Mt. Gox held 80,128 BTC, equivalent to $5.43 billion.

The repayments to creditors are not overly negative for BTC and the broader market. If creditors hold their BTC, supply could become tighter amidst a robust demand environment, supporting a BTC return to $70,000.

Conversely, selling most of the approximately 142,000 BTC could bring sub-$50,000 into play.

Based on recent flow trends, the US BTC-spot ETF market would need six to eight weeks to absorb the remaining 80,128 BTC.

Donald Trump could fuel demand on Saturday, July 27, if he pledges the US as a BTC buyer.

Investors should remain alert. Mt. Gox-related updates and Donald Trump will influence BTC demand. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage crypto market risk.

Technical Analysis

Bitcoin Analysis

BTC sat comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the $69,000 resistance level would support a return to $70,000. A breakout from $70,000 could give the bulls a run at the all-time high of $73,808.

US politics and Mt. Gox-related updates require consideration.

On the other hand, a break below $65,000 would bring the $64,000 support level and the 50-day EMA into play. Buying pressure may intensify at the $64,000 support level. The 50-day EMA is confluent with the support level.

With a 63.66 14-Daily RSI reading, BTC could return to $70,000 before entering overbought territory.

Ethereum Analysis

ETH remained below the 50-day EMA while hovering above the 200-day EMA, confirming the bearish near-term but bullish longer-term price signals.

A break above the 50-day EMA could signal a BTC move toward the $3,480 resistance level. The bulls could target $3,600 if ETH breaks through the $3,480 resistance level.

US ETH-spot ETF market flow data require consideration.

Conversely, an ETH break below the $3,244 support level would bring the 200-day EMA into play. A fall through the 200-day EMA could give the bears a run at the $3,033 support level.

The 14-period Daily RSI reading, 45.39, suggests an ETH drop below the 200-day EMA before entering oversold territory.