Bitcoin Roaring: BTC Bulls Aim for $72K After Biden Bows Out

Dalmas Ngetich•Monday, July 22, 2024•2 min read

Bitcoin rose yesterday on news of President Biden dropping out of the 2024 presidential race. Though prices have cooled off at press time, the uptrend remains, and buyers might consider taking advantage of the retracement to double down. In the days ahead, buyers might extend gains now that prices are above the previous resistance at $66,000. Looking at the daily chart, the immediate target will be $72,000 and all-time highs if buyers push on.

The path of least resistance is northwards. As it is, Bitcoin is stable at press time, adding 1%, but is up 7% in the previous trading week. At the same time, the average trading volume is decent, at over $29 billion. With prices increasing and the current momentum strong, Bitcoin will likely continue posting impressive gains in the days ahead.

Bitcoin Daily Chart for July 22

As buyers take charge, traders are looking at the following trending Bitcoin news:

With President Biden dropping out of the 2024 presidential race, BTC is firm as the probability of Trump taking over the Oval Office continues to rise. Thus far, analysts think the former president will win in a landslide. Trump has reiterated his support for crypto and Bitcoin and is scheduled to speak at an upcoming Bitcoin conference.
Billionaire Mark Cuban is bullish on Bitcoin, saying the coin will rally should the greenback decline as a reserve currency. With its fixed supply, BTC may act as a safe haven and a choice currency for everyone across the globe.

Bitcoin Price Analysis

BTC/USD is firm at press time.

Looking at the daily chart, prices are banding along the upper BB, pointing to high upswing momentum.

Since the trend is clear and prices are above $66,000, aggressive traders might look at buying the dip, targeting $72,000 in the short term.

This preview holds as long as Bitcoin holds steady above the all-important support level at $66,000.

Conservative traders might wait for a clean break above $72,000 before loading on dips. This will be especially so if the breakout bar has a high trading volume.

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