Bitcoin closed in on the $70,000 mark on July 29, posting a seven-week high and falling short of its all-time high by around 6%.
Bitcoin BTCUSD prices tapped $69,775 during Asia trading hours on July 29, according to TradingView.
This brought the asset to within 5.7% of its all-time high of $73,757, which occurred four and a half months ago on March 14.
It is the highest Bitcoin has traded since June 13, when it hit $70,000 but found resistance and retreated.
Analyst “Titan of Crypto” told his 86,000 X followers on July 27 that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.
Recent Bitcoin positive sentiment has been driven by two United States presidential candidates and a prominent Republican Party senator at the Bitcoin 2024 conference in Nashville, Tennessee, which ran from July 25–27.
Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the US, while former President Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it could apply a lot of buying pressure and a potential supply shock to BTC markets.