Bitcoin hit a seven-week high on July 29, approaching $70,000, though it was still about 6% below its all-time high.
According to TradingView, the BTC price hit $69,775 during Asian trading hours on July 29.
This brings the asset down to within 5.7% of its all-time high of $73,757, reached on March 14, four and a half months ago.
This is the highest it has traded since reaching $70,000 on June 13, but hitting resistance there and falling back.
Meanwhile, the analyst “Crypto Giant” told his 86,000 followers on July 27 that Bitcoin was “programmed” to $110,000 and that the asset was “getting off the handle” of its cup-and-handle chart pattern.
Meanwhile, the recent positive sentiment towards Bitcoin was driven by remarks from two US presidential candidates and a prominent Republican senator who attended the Bitcoin 2024 conference held from July 25 to 27.
Senators Robert F. Kennedy Jr. and Cynthia Lummis have talked about creating a strategic Bitcoin reserve for the United States, and Donald Trump has said that if he is elected, the government will no longer sell. If this comes to fruition, it will create a lot of buying pressure and a potential supply shock to the BTC market.
Related: Bitcoin hits highest ‘positive sentiment’ in 16 months, price nears $68,000
Additionally, the personal consumption expenditures index (core PCE) rose just 0.1% last month, increasing confidence that inflation will be brought under control and that interest rates will be cut in September.
The Federal Reserve meets on July 31st, where another interest rate decision is expected.
However, the market expects the Fed to keep rates on hold, with CME Group predicting a 95.9% chance that rates will remain at 5.25% to 5.5%.
Signals are growing that a rate cut is coming in September, with an 85.8% chance of a cut to 5.0% to 5.25%. This would be the first cut since March 2020.
magazine: Trump’s Bitcoin Push, Spot Ether ETF Debut, and More: Hodlers Digest, July 21-27