Bullish view
Buy the BTC/USD pair and set a take-profit at 66,875.
Add a stop-loss at 63,000.
Timeline: 1-2 days.
Bearish view
Sell the BTC/USD pair and set a take-profit at 63,000.
Add a stop-loss at 66,875.
Bitcoin price jumped overnight, even as the stock and bond markets pulled back. The BTC/USD pair was trading at 64,600, a few points above this week’s low of 62,357. It has remained inside this range in the past few months.
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Bitcoin Rises Ahead of Trump Crypto Meeting
The BTC/USD pair rose as traders waited for the upcoming crypto summit between President Donald Trump and top crypto executives. Some of those who will attend the White House events are from companies like Robinhood, Ripple Labs, and Coinbase. Top officials from the SEC and CFTC will also attend the meeting.
The potential topics will be on crypto regulations, especially on the CLARITY Act, which has stalled in the Senate. Senate Majority Leader Thune has hinted that the bill will be voted in September.
Still, odds of the bill passing into law have dropped substantially in the past few weeks. That’s because Democrats have insisted that the bill include a provision that would bar Trump and future presidents from issuing crypto tokens.
It is also unclear whether this meeting will have major implications, as the previous ones have not had major impacts. For example, the Trump administration is yet to establish a Strategic Bitcoin Reserve that he promised earlier in his administration.
The BTC/USD pair also jumped as long-term bond yields jumped, with the US 30-year rising to its highest level in 20 years. Bitcoin is often seen as a hedge against these risks because of its 21 million supply cap.
Meanwhile, spot Bitcoin ETF inflows have resumed. After falling last week, the funds have added over $300 million in assets this week. That is a sign that investors are embracing Bitcoin again.
The next key catalyst to watch will be the upcoming FOMC minutes, which will provide more information on what to expect in the coming meetings.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair has crawled back and moved above the crucial resistance level of 64,000. It has moved slightly above the upper side of the symmetrical triangle pattern.
The pair has also moved slightly above the 50-day Exponential Moving Average (EMA), while the MACD indicator is attempting to cross the neutral level. Therefore, the pair will likely continue rising as bulls target the crucial resistance level of 66,875, its highest level on July 21.
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