Bitcoin (BTC) Price Analysis: Trump Speech Fails to Impress, BTC Remains Below $70K Mark

Bitcoin saw a modest rise at the beginning of this week, yet it remains below 70k mark, lacking the momentum to push past this psychological barrier.

Bitcoin price remained largely directionless over the past week. Having hit a high of $73,812 earlier in the month, BTC price dropped sharply to hit lows of $53,426. From there, the price recovered, and at the time of writing, trades at $68,400.

The cryptocurrency community had high hopes for Republican presidential nominee Donald Trump’s keynote speech at the 2024 Bitcoin Conference over the weekend. However, the speech fell short of expectations, as Trump did not pledge to establish an official US bitcoin strategic reserve currency.

Instead, Trump promised to “keep 100% of all the bitcoin the US government currently holds or acquires into the future.” He further emphasized the importance of embracing crypto technology, warning, “If we don’t embrace crypto and bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”

Technically, Bitcoin’s prior bounce from 55 D EMA is keeping the bullish outlook alive. That is, consolidation pattern from 73812 should have completed with three waves down to 53426. Near term outlook will now stay bullish as long as 63421 support holds, for retesting 73812 high first.

Decisive break of 73812 will resume larger up trend. Next target will be 61.8% projection of 24896 to 73812 from 533426 at 83656. Nevertheless, break of 63421 support will delay the bullish case, and extend the corrective pattern with another falling leg.

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