Unbelievable: Bitcoin Holds at $68K Despite Market Disregarding 200K BTC US Election Promise

Bitcoin Sticks to $68K as Market Ignores 200K BTC US Election Pledge

• Bitcoin stabilizes after volatility surrounding Bitcoin 2024 conference
• Trump and Kennedy Jr. pledge to build strategic Bitcoin reserve
• Market response remains muted

Bitcoin experienced a relatively stable week as markets shrugged off pledges from US presidential candidates to build a strategic Bitcoin reserve. Despite promises from Donald Trump and Robert F. Kennedy Jr. to establish a reserve of at least 200,000 BTC, the impact on the market was limited.

There was anticipation of a price surge ahead of the Bitcoin 2024 conference, but the overall lack of market response left some surprised. Some traders believe that the timeline for these commitments may have caused confusion among market participants.

Analysts are now closely watching the upcoming weekly and monthly close for Bitcoin. The previous weekly close was around $68,200, leaving uncertainty over potential losses. Traders are analyzing indicators like the relative strength index (RSI) to gauge potential price movements.

• Some traders are optimistic about upside continuation based on RSI data
• Others remain cautious, noting key resistance levels overhead
• Bitcoin is up 7.8% in July, erasing losses from the previous month

This article does not provide investment advice and readers should conduct their own research before making any trading decisions.