Bitcoin (BTC) Price Hits $70k as Donald Trump Vows to become “Crypto President”

Bitcoin price surged to a daily timeframe peak of $70,168 on June 10, rebounding 2% over the weekend, market data shows that BTC holders maybe reaction to recent bullish statements from US Presidential candidate, Donald Trump. 

BTC Rebounds 2% as Donald Trump Doubles Down on Crypto Support

The global crypto markets succumbed to a major crash on Friday, as disappointing US Non-Farm Payrolls figures released on June 7 triggered a widespread sell-off.

The global crypto industry shed over $123 billion from its aggregate market capitalization, during the crash, while BTC price also rapidly tumbled 5%  from the weekly-top of $71,933 before finding support at the $68,490 territory.

However, with the rest of the crypto market grapples with the after shock of Friday crash, Bitcoin began to signs of recovery over the weekend. On Monday June 10, Bitcoin price soared to a daily time frame peak of $70,168, despite the tense macro economic environment.

Bitcoin’s mild resurgence on Monday has been attributed to Donald Trump reiterating his support for the cryptocurrency industry during a campaign fundraiser event held late Friday.

Trump raised $12 million from the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at San Francisco.

“He said he would be the crypto president,” Trevor Traina, said a San Francisco-based tech executive and former Trump ambassador to Austria.

Furthermore, Trump also touted crypto as an important sector that he his supportive of said Republican National Committeewoman Harmeet Dhillon.

As news of this event seeped into the media over the weekend, it appears to reinforced investors’ confidence in Bitcoin’ long-term prospects.

“President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” said Jacob Helberg, an adviser to data analytics provider Palantir, referring to SEC Chair Gary Gensler.

Bitcoin Price Forecast; $71,500 Resistance Proves Daunting

Following Trump’s latest reassuring comments, Bitcoin price has now surged above $70,000 up 2% from the weekly-lows recorded on Friday, June 7. This move parking hopes of positive price outlook this week ahead of the forthcoming Federal Open Market Committee (FOMC) rate decision slated for June 12, 2024.

With out a clear bullish demand catalyst, Bitcoin price seems unlike to breakout towards new all-time highs above $72,000 in the near-term.

Historical accumulation trends, depicted by IntoTheBlock’s chart below shows that Bitcoin price now face a major resistance at the $70,460 level.

As seen above, over 680,490 current holder addresses had bought 397,330 BTC at the average price of $70,457. Without a decisive bullish catalyst to support a new all-time breakout, those holders could keep booking profits once BTC approaches their breakeven point, with an intent to buy back after a sizeable correction.

In essence, if BTC continues to find buyers this week and the Fed announces another rate freeze, Bitcoin price will like consolidate within the $68,000 – $71,500 narrow channel for the better part of the week ahead.