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Bitcoin Traders Expect This From Donald Trump’s Speech at the Nashville Conference
- Bitcoin extends gains on Saturday morning, hitting $68,295 ahead of Donald Trump’s speech.
- Trump is expected to address cryptocurrency traders at the Nashville Bitcoin Conference on July 27.
- Bitcoin could reach the $72,000 target, extending gains of nearly 6%.
Bitcoin (BTC) is likely to see high volatility as traders prepare for Donald Trump’s speech at the Bitcoin Conference in Nashville. The US presidential candidate is popular for his pro-crypto stance and data shows Trump has raised over $6 million in funds from Political Action Committees (PACs) and crypto-related donors.
At the time of writing, Bitcoin is trading at $68,100 and the asset has been posting steady gains recently as traders remain optimistic about further gains in the cryptocurrency.
Donald Trump’s Bitcoin Conference Speech and What to Expect
QCP Capital Analysts highlighted the “Trump effect” on Bitcoin, where the options market saw double the volume realized, expecting gains in Bitcoin.
Big funds have been seeing topside positioning for options expiring on August 2 all week. Analysts are expecting a breakout move in response to Trump’s speech on July 27.
Bitcoin is hovering around $62,000 early Saturday. The asset could extend its gains as traders “buy the news” of Trump’s speech at the Nashville conference. This could act as a bullish engine and push the price higher in the near term.
Bitcoin Could Extend Gains, Target $72K
Bitcoin is currently in an uptrend, forming higher highs and higher lows, after the correction between July 2 and July 5. BTC could extend its gains by 5.52% and rise to the target of $71,997, close to the $72,000 mark. This represents Bitcoin’s high on June 7.
Bitcoin could face resistance at the upper and lower bounds of the Fair Value Gap (FVG) at $69,582 and $70,117. If the rally continues, BTC could target its all-time high of $73,777.
The momentum indicator, Moving Average Convergence Divergence (MACD), signals positive momentum underlying Bitcoin’s uptrend.
BTC/USDT Daily Chart
Bitcoin could find support at $66,175 and $67,630, the upper and lower bounds of the Fair Value Gap (FVG) on the daily chart above. A daily chart candlestick The close in FVG could invalidate the bullish thesis for Bitcoin.