Bitcoin is expected to close sharply for the week on July 28 after the market ignored cryptocurrency pledges from U.S. presidential candidates.
BTC Price Ignores Trump’s Crypto Policy Plans
Bitcoin (BTC) price appears to be stabilizing after sharp volatility around the Bitcoin 2024 conference, according to data from Cointelegraph Markets Pro and TradingView.
Expectations were high that the price would surge long before the event began. Both presidential candidates, Donald Trump and Robert F. Kennedy Jr., had announced plans to build strategic Bitcoin reserves of at least 200,000 BTC. But the impact was minimal.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, responded to X’s Trump win by saying, “There’s a 65% chance that there will be a strategic reserve for Bitcoin in the US, and you can still buy it for under $70,000.”
Popular trader Daan Crypto Trades said the lack of overall market reaction could be a matter of time.
“People seem a little bit surprised and confused by this timeline,” he wrote in his X analysis of speeches by Trump and others.
“It feels surreal what we just saw and heard. We basically got what we wanted. It was partly priced in, but we saw a huge surge in longs before Trump made his statement.”
Daan Crypto Trades added that it was “extremely undervaluing” the strategic reserve commitment.
“Even if they don’t buy any new coins, if they just hold on to the coins they’ve seized, that would eliminate a $15 billion glut,” he said, referring to recent selling pressure from state actors.
“This is bigger than the German government and Mt. Gox combined.”
Bitcoin Monthly Close in Focus
As the conference heat waned, Bitcoin traders turned their attention to the upcoming weekly and monthly closes.
Related: Key Altcoin Season Indicators in Accumulation Mode as Bitcoin Dominance Reaches Peak
The previous candle close was close to $68,200, leaving uncertainty as to whether losses will eventually occur this week.
Popular trader MegaWhale Crypto analyzed the Relative Strength Index (RSI) data and hoped the uptrend would continue nonetheless.
“BTC weekly RSI has broken out! This is a good sign, but for the breakout to be validated, the RSI needs to maintain the diagonal downward trend resistance until the weekly close and close,” he summarized on July 27.
Keith Alan, co-founder of trading resource Material Indicators, was more conservative, saying Bitcoin was still rejecting above key resistance levels.
According to data from monitoring resource CoinGlass, BTC/USD gained 7.8% in July, offsetting losses in June.
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