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Bitcoin (BTC) News Today: BTC Nears $70K as Trump’s Plans Stir Market
By:
Key Points:
- Bitcoin (BTC) advanced by 0.62% on Sunday, July 28, closing at $68,255.
- BTC eyes new ATH as investors consider Donald Trump’s BTC pledges and his chances of winning the US Presidential Election.
- On Monday, July 29, SEC activity and BTC-spot ETF market flow data require consideration.
In this article:
Sunday: Market Overview
On Sunday, July 28, BTC advanced by 0.62%. Reversing a 0.10% loss from Saturday, July 27, BTC ended the week up 0.89% to $68,255.
Trump’s Pledge to Tackle Crypto Regulation
On Monday, July 29, BTC extended its gains from Sunday, advancing by 1.45% to $69,241.
Trump’s speech at Bitcoin 2024 resonated with investors, hinting at a shift in the regulatory landscape. The US Republican Party front-runner said he would fire SEC Chair Gary Gensler on his first day in office. Ending the SEC’s regulation through enforcement approach toward crypto would remove the constant threat to crypto firms.
Pro-Crypto Lawyer Proposes Coinbase CLO as SEC Chair
The crypto community debated possible alternatives to Gary Gensler as SEC Chair.
Pro-crypto lawyers MetaLawMan proposed Coinbase (COIN) Chief Legal Officer Paul Grewal as the next Chairman, stating,
“Getting a brilliant lawyer+engineer as Chairman, who understands both crypto & AI, would be a huge win for the country.”
MetaLawMan listed Grewal’s credentials, including General Counsel of Coinbase, former federal Magistrate Judge, a Law degree from U. Chicago, and an MIT-trained engineer.
He also said that SEC Commissioner Hester Peirce would be a good second choice.
US Strategic Bitcoin Reserve
Trump also pledged to build a strategic Bitcoin reserve, mirroring Robert Kennedy Jnr’s proposal to build a Bitcoin Federal Reserve equal to its gold reserves.
Increasing US government demand for BTC could counter oversupply jitters and deliver unprecedented BTC highs.
The Crypto Vote 2024
Pro-crypto lawyer Bill Morgan recently commented on a letter from Democrat reps, saying,
“Too little too late. This is a large % in swing states and the Democrats are in bad shape on this issue.”
Fox Business Journalist Eleanor Terrett quoted from the letter,
“Over 20% of voters in key battleground states identified crypto as a major issue in the 2024 election, and it is critical that our party presents a persuasive case to crypto voters while ensuring that consumers benefit from thoughtful and appropriate regulation.”
The Democrats’ anti-crypto stance could limit Kamala Harris’s chances to woo crypto voters.
Betting agency Polymarket gives Trump a 60% chance of winning the 2024 US Presidential Election vs. 38% for Kamala Harris.
US BTC-Spot ETF Market Flows
On Monday, July 29, the US BTC-spot ETF market may respond to Trump’s pledges. A sharp increase in net inflows could signal a possible BTC breakout and a return to the all-time high of $73,808.
Significantly, a positive ETF market reaction to Trump’s pledges could counter the possible effects of Mt. Gox’s repayments to its creditors.
After the recent transfers to crypto exchanges Kraken and Bitsamp, Mt Gox still needs to transfer 80.128k BTC ($5.55 billion) to its creditors.
The repayments to its creditors increase the risk of oversupply. Mt. Gox collapsed in February 2014, when BTC was below $600. Creditors could lock in sizeable profits but also adversely impact demand-supply trends. Oversupply could send BTC to sub-$50,000 if the US Spot ETF market cannot absorb the selling volume.
Investors should remain alert. Mt. Gox-related updates, US BTC-spot ETF flow data, and US politics 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 return to $70,000 could give the bulls a run at the all-time high of $73,808.
US politics, US BTC-spot ETF flow trends, and Mt. Gox-related news require consideration.
On the other hand, a break below the $69,000 support level could give the bears a run at the 50-day EMA and the $64,000 support level. Buying pressure may intensify at the $64,000 support level. The 50-day EMA is confluent with the support level.
With a 67.45 14-Daily RSI reading, BTC could return to $70,000 before entering overbought territory.
Ethereum Analysis
ETH remained below the 50-day EMA while holding above the 200-day EMA, confirming the bearish near-term but bullish longer-term price trends.
A breakout from the 50-day EMA could signal a move toward the $3,480 resistance level. A break above the $3,480 resistance level could give the bulls a run at $3,600.
US ETH-spot ETF market flow trends require consideration.
Conversely, an ETH break below the $3,244 support level could signal a drop to the 200-day EMA.
The 14-period Daily RSI reading, 50.74, suggests an ETH return to $3,600 before entering overbought territory.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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