Bitcoin is looking more bullish than ever
Share link:In this post: Bitcoin is looking bullish due to Trump picking J.D. Vance as his VP, who supports crypto-friendly regulations. Despite recent dips and the Mt. Gox BTC distribution, Bitcoin has bounced back above $65k. Technical indicators show a mixed short-term outlook, but the long-term trend remains bullish.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recomme
Bitcoin is more bullish than ever. Recent events have created a perfect storm of bullish signals. From political moves to market trends, everything is pointing up for BTC.
Donald Trump’s pick of J.D. Vance as his running mate has added fuel to Bitcoin’s rise. Vance is a known crypto supporter and holds BTC. If Trump wins, Vance is expected to push for crypto-friendly regulations.
Donald Trump and J. D. Vance. Credits: APEven with the impending distribution of BTC from Mt. Gox, the market has been strong, pushing Bitcoin above $65,000. The last two weeks were rough.
Bitcoin dipped to $54k, and altcoins saw a 30% drop. People were panicking, but the market found its footing. It bounced back, and things are looking bright again.
Jerome Powell, the Fed chair, mentioned progress in fighting inflation, and the markets are now expecting a rate cut in September. This is another piece of good news for BTC.
Related: Investors favor Ethereum over Bitcoin – Here’s why
Also, the spot Ether ETF is almost ready to go. The SEC has asked for final revisions to S-1 filings and fee schedules, and analysts expect trading to start on July 23rd.
As Ethereum goes, so too does Bitcoin, and an Ether ETF would bring more institutional money into the market.
Bitcoin’s technical indicators are showing a mixed bag but leaning towards bullish. The 50-period moving average (MA) is at $65,156, and the 200-period MA is at $62,362.
The current price is $65,067, slightly below the 50-period MA but well above the 200-period MA. The RSI is at 47.83, close to the neutral 50 mark.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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