Climbs Above $67K as Trump Speech Takes Center Stage

Bitcoin’s price experienced a significant increase on Friday, recovering some of the losses it faced earlier in the week as crypto markets eagerly anticipated an address by Republican presidential nominee Donald Trump at the upcoming Bitcoin Conference.

In the latest session, Bitcoin rose by 5% over the past 24 hours, reaching $67,295 by 09:06 ET, up from lows around $63,000 earlier in the week. The cryptocurrency had been impacted by a wave of selling pressure across global financial markets, leading investors to offload risk-driven assets. This trend was particularly detrimental to cryptocurrencies, given the sector’s speculative nature. However, the tendency to withdraw from risk appears to be easing on Friday.

### Analysts Optimistic as Bitcoin Tests Key Resistance Level

Some analysts are increasingly optimistic about Bitcoin’s price trajectory as it rebounds towards a key resistance level. Bitcoin, having tested the 50-day simple moving average support near $63,500, has surged past $67,000 and is approaching a trendline resistance defined by the highs from March and April. This descending trendline, which has previously hindered gains in May, represents an important barrier for bullish traders to surpass.

Analysts suggest that a breakout could be on the horizon. Two potential catalysts may influence this development: the U.S. core personal consumption expenditures (PCE) price index, which is the Federal Reserve’s preferred inflation gauge, has shown slight easing compared to the previous year, potentially setting the stage for a widely anticipated interest rate cut in September. Additionally, Trump’s upcoming speech at the Bitcoin conference in Nashville could be a significant factor.

A note from analysts at a digital assets advisory firm indicated that the PCE data could signal the end of high interest rates, paving the way for rate cut announcements. They also highlighted that if Trump announces a national strategic reserve for Bitcoin, it may trigger a stronger market rally.

According to the Commerce Department, the PCE price index rose by 0.1% in June, with a year-over-year increase of 2.5%, aligning with Dow Jones estimates. This is a slight decrease from May’s year-over-year rise of 2.6%.

### Trump Set to Deliver Keynote at Bitcoin Conference

Trump is slated to speak as the keynote speaker at the Bitcoin Conference in Nashville on Saturday, where he has previously adopted a pro-crypto stance during his campaigning efforts. Crypto traders will be closely watching to see if he continues this rhetoric and provides plans for clearer regulations in the U.S. crypto industry.

Speculation surrounding a potential Trump presidency had previously bolstered Bitcoin’s strength last week, especially as he appeared to lead in approval ratings following a failed assassination attempt. However, polls this week indicated that Democratic frontrunner Kamala Harris, endorsed by President Biden after he exited the race, was narrowing the gap with Trump. A Harris presidency may likely continue the government’s regulatory crackdown on cryptocurrencies, which has unsettled the industry over the past two years.

### Marathon Digital Acquires $100 Million in Bitcoin

Marathon Digital Holdings Inc., one of the largest Bitcoin miners in the U.S., announced on Thursday that it had purchased $100 million worth of Bitcoin from the open market and now holds over 20,000 Bitcoin tokens on its balance sheet. The company also stated its commitment to retain all mined Bitcoin and indicated plans to acquire more tokens.

### Crypto Market Overview: Altcoins Follow Bitcoin’s Lead

In the broader crypto market, altcoin prices rose alongside Bitcoin, as traders looked ahead to key U.S. inflation data and an upcoming Federal Reserve meeting. The second-largest cryptocurrency gained 3% to $3,238.67, marking its first positive session since the launch of spot exchange-traded funds in U.S. markets this week. Other tokens, including Ethereum and Binance Coin, saw increases of 5% and 6.6%, respectively, while Cardano dropped by 3.3%. Among meme tokens, Dogecoin rose by 5%, and Shiba Inu increased by 3.2%.