On July 29, the price of Bitcoin approached $70,000, reaching a seven-week high and remaining just 6% from its all-time high. According to TradingView, the price of Bitcoin (BTC) reached $69,775 during trading in Asia on July 29.This brought the asset to 5.7% of its all-time high of $73,757, which was reached on March 14. This is the highest Bitcoin price since June 13, when it reached $70,000 but faced resistance and retreated.Positive sentiment around BTC was bolstered by speeches from two U.S. presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference in Nashville, Tennessee, which took place from July 25 to 27.Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about creating a strategic Bitcoin reserve for the U.S., and former President Donald Trump stated that the government would not sell Bitcoin if he is elected in the upcoming elections. This could cause significant buying pressure and a potential supply shortage in the BTC market.Additionally, the Personal Consumption Expenditures (PCE) index rose by just 0.1% in June, boosting confidence in a rate cut in September as inflation remains under control.Furthermore, the Federal Reserve will hold a meeting on July 31 to make another rate decision. However, the market expects the Fed to leave rates unchanged. The CME Group predicts a 95.9% chance that rates will remain at 5.25% - 5.5%.
