Bitcoin hit a three-day high on Wall Street on July 26, as anticipation for the Bitcoin 2024 conference grew.
Bitcoin, PCE data mixed
According to data from Cointelegraph Markets Pro and TradingView, the Bitcoin (BTC) price has risen to $67,963 on Bitstamp.
BTC price action remained bullish throughout the Asian trading session despite mixed inflation data in the United States.
This came in the form of the personal consumption expenditures (PCE) index, which showed spending beating expectations and was accompanied by strong unemployment data from the previous day.
Despite this, Bitcoin has been on the rise along with U.S. stocks, with BTC/USD up about 7% from its previous low at the time of writing.
As the lower time frame price action remained within the range, traders extended the price, concluding that the overall situation was favorable for Bitcoin bulls.
Popular trader Zell recently wrote in one of his X posts, “Bitcoin has formed a massive descending wedge pattern near its previous cycle high!”
“Price seems desperate for a breakout. When it does, I expect the move to be sharp. First target: $85,000.”
In another chart, Jelle predicted a BTC price target of $74,000 based on liquidity in exchange order books.
Another trader, CrypNuevo, had $68,900 as his primary target, just below the psychologically important price level that Bitcoin hit in 2021.
“Liquidations at $68.9k have increased significantly this week. We can confirm what we expected on Sunday. This week’s drop is just a shake-up and a run for liquidity to gather more liquidations in the $68.9k area. We are heading there,” he added in an additional X post featuring liquidation data from monitoring resource CoinGlass.
Weekend BTC Price Volatility Expected as Trump Comments on Bitcoin 2024
There is no institutional trading, but the weekend is likely to be volatile as US presidential candidate Donald Trump attends the Bitcoin 2024 conference in Nashville, Tennessee.
Related: Bitcoin Traders Warn That BTC Price Still Could Be $62,000 or ‘Lower’
President Trump, whose announcement will be made on July 27th at 2 PM ET, has already served as a catalyst for the bullishness in the cryptocurrency markets, and has included a supportive cryptocurrency policy in his campaign.
As the weekly and monthly deadlines approach, popular trader and analyst Rekt Capital says the coming weekend could be key.
“Bitcoin successfully broke to $65,000 and bounced back. Now let’s see if it can rally to $71,500,” part of X’s post reads.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.