Bitcoin (BTC) News Today: Did Biden Just Give Crypto a Bipartisan Footing?

Market Overview

On Sunday, July 21, BTC rose by 0.84%. Following a 0.65% gain on Saturday, July 20, BTC ended the week up 11.36% to $67,654. Significantly, BTC extended its winning streak to three sessions.

US President Joe Biden Withdraws from Presidential Election Race

On Sunday, US President Joe Biden announced his withdrawal from the US Presidential Election race.

The crypto community reacted positively to the news. US President Joe Biden supported the anti-crypto stance led by Senator Elizabeth Warren and SEC Chair Gary Gensler.

Significantly, Biden’s withdrawal could signal a more bipartisan stance on crypto and the US digital asset space.

Fox Business journalist Eleanor Terret shared a reaction from the crypto policy group Cedar Innovation Foundation (CIFonX), which stated,

“While Secretary Gensler and Senator Warren may have misguided White House policy in the past, this is the moment to present a new vision for American innovation that keeps innovation jobs in America, ensures global competitiveness in digital assets, and heralds in a new era of financial inclusion and prosperity.”

Although it could be bad news for the Trump campaign, a crypto-friendly Democratic Party could give crypto bipartisan support. Moreover, a more crypto-friendly White House could curb SEC Chair Gensler and Senator Warren’s anti-crypto campaign.

CIFonX posted a comment on X (formerly Twitter) suggesting that some people should reevaluate their anti-decentralization stance toward tech infrastructure in the wake of the Biden step-down.

Mt. Gox Creditors to Receive 48,641 BTC

Although US politics will remain a talking point on Monday, investors should consider Mt. Gox-related news. This week, Kraken could begin funding creditors’ wallets with BTC from the collapse of Mt. Gox. Mt. Gox transmitted 48,641 BTC to Kraken on July 16. Kraken acknowledged receipt and said it would begin crediting creditors’ wallets in 7-14 days.

Oversupply risk remains a BTC headwind, with Mt. Gox planning to return over 141,000 BTC to its creditors. US BTC-spot ETF market flow trends would likely be crucial during the repayment process.

The crypto market expects most Mt. Gox creditors to sell their BTC and lock in substantial profits. Mt. Gox collapsed in February 2024, when BTC had a price below $600.

Investors should remain alert. US politics, Mt. Gox-related news, and US BTC-spot ETF flow data 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 hovered comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A BTC move above the $69,000 resistance level could signal a return to $70,000. A return to $70,000 may bring the March 2024 all-time high of $73,808 into play.

US politics, BTC-spot ETF market flow trends, and Mt. Gox-related updates require consideration.

On the other hand, a break below the $64,000 support level and the 50-day EMA could bring the $60,365 support level into play.

With a 66.92 14-Daily RSI reading, BTC could climb to $70,000 before entering overbought territory.

Ethereum Analysis

ETH remained well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A return to $3,600 could signal a move to the $3,835 resistance level. A break above the $3,835 resistance level could bring $4,000 into play.

US ETH-spot ETF market-related updates also require consideration.

Conversely, an ETH break below the $3,480 support level would bring the 50-day EMA into play. If ETH falls through the 50-day EMA, the bears could target the $3,244 support level.

The 14-period Daily RSI reading, 60.83, suggests an ETH break above the $3,835 resistance level before entering overbought territory.