Bitcoin (BTC) has surged to its highest price in six weeks, driven by pro-crypto sentiments from Republican presidential candidate Donald Trump over the weekend. The leading cryptocurrency soared to $69,711, marking an increase of approximately 3.3% in the past 24 hours. This rise has brought Bitcoin’s price close to the crucial resistance range between $70,000 and $73,000.
What should you expect in the months ahead?
Entering the Price-Discovery Phase
After four weeks of gains, Bitcoin is now attempting to enter the price-discovery phase beyond $74,000. The dominant cryptocurrency is also increasing its market share at the expense of altcoins, as shown by its rising dominance.
For the first time since April 2021, Bitcoin’s market dominance closed above 56% on a weekly basis. Crypto analyst Benjamin Cowen predicts that Bitcoin’s dominance will continue to rise in the coming months, potentially reaching around 60% before a reversal.
ETH ETF Failure = Bitcoin Boost?
The recent poor performance of newly approved spot Ethereum ETFs in the United States has inadvertently boosted Bitcoin. According to popular crypto analyst Captain Faibik, Bitcoin is on the verge of a broadening wedge upside breakout. If Bitcoin can turn the resistance range between $70,000 and $73,000 into a support level, Captain Faibik has set a midterm target of around $80,000.
While Bitcoin’s recent performance is promising, it’s important to note that historical data shows August is typically not a strong month for the crypto market. This trend could lead to a potential correction before a breakout expected in October.
Investments Are Pouring In
Since the fourth Bitcoin halving over three months ago, institutional investors have increasingly invested in Bitcoin-related products. U.S.-based spot Bitcoin ETFs have seen nearly $3 billion in cash inflows over the past four weeks.
In the broader financial landscape, the U.S. Federal Reserve is set to announce its highly anticipated interest rate decision on August 1. According to CME data, there is a 96% probability that the Fed will keep the interest rate unchanged. However, the probability of a 25 basis points rate cut on September 18 stands at 85.8%.
Keep an eye on the charts and your crypto wallets—Bitcoin’s next big move might be just around the corner.
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