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  • Mustafa Mulla
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    Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Why Is The Crypto Market Up Today? Bitcoin At $69,310

Story Highlights
  • Bitcoin rises 2.5%, hitting $69,310 ahead of Trump's Bitcoin Conference 2024 speech.

  • Failed assassination attempt boosts confidence in Trump's electoral chances.

  • Inverse head and shoulders pattern suggests Bitcoin could reach $87,440 by October.

The crypto market is experiencing a big boost today, thanks to excitement around former President Donald Trump’s speech on the last day of the Bitcoin Conference 2024 in Nashville. Many believe Trumpโ€™s recent increase in popularity after a failed assassination attempt could lead to a victory in November. 

Bitcoin Jumps 2.5% Ahead of Trumpโ€™s Speech

Bitcoin’s price has gone up 2.46% to about $69,310, recovering 6.1% from its weekly low of $64,425. This rise happened just before Trump’s speech at the Bitcoin conference. 

There is speculation on social media that Trump might announce plans for a U.S. Bitcoin Reserve if he wins the election, fueling positive sentiment in the market.  Since the failed assassination attempt on July 13, Bitcoin’s price has surged over 16.50%, reflecting increased confidence in Trump’s electoral chances.

Bitcoin Price Could Reach $87,440

Technical analysis of the daily price chart shows that Bitcoin’s price recovered after testing its 50-day exponential moving average (50-day EMA), which has been a strong support level lately. 

Now, Bitcoin is close to breaking through the upper line of its current channel pattern, aiming for $70,850, about 2.5% higher than now. 

If Bitcoin hits $69,790, it might trigger a pattern known as inverse head and shoulders (IH&S), which could push the price even higher in August. If this pattern holds, Bitcoin could reach an upside target of around $87,440 by October.

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