Bitcoin pushes toward $70K — just 6% needed for new all-time high

Bitcoin closed in on the $70,000 mark on July 29, posting a seven-week high despite falling short of its all-time high by around 6%. 

Bitcoin (BTC) prices tapped $69,775 during Asia trading hours on July 29, according to TradingView.

This brought the asset to within 5.7% of its all-time high of $73,757, which occurred four and a half months ago on March 14.

It is the highest Bitcoin has traded since June 13, when it hit $70,000 but found resistance there and retreated again.

Analyst “Titan of Crypto” told his 86,000 X followers on July 27 that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.

Recent Bitcoin positive sentiment has been driven by two US presidential candidates and a prominent Republican Senator at the Bitcoin 2024 Conference, which ran from July 25 to 27.

Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the United States while Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it would induce a lot of buying pressure and a potential supply shock for BTC markets.

Additionally, the personal consumption expenditures index (Core PCE) rose just 0.1% last month, increasing confidence in an interest rate cut in September as inflation comes under control.

There will also be a Federal Reserve meeting on July 31 in which another rate decision is expected.

However, the market expects the Fed to keep rates unchanged with the CME Group predicting 95.9% odds on more status quo with rates remaining at 5.25% to 5.5%.

Signals are strengthening for a rate cut in September, though, with the odds at 85.8% for a cut to 5.0% to 5.25%, which would be the first reduction since March 2020.