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Bitcoin Price Reaction: Kamala Harris and Trump to Headline Bitcoin 2024?

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Last updated:

July 24, 2024 14:46 EDT

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

July 24, 2024 14:46 EDT

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As Kamala Harris and Donald Trump prepare for their 2024 presidential campaigns, Bitcoin (BTC/USD) is currently trading at $66,440, up 0.72%. U.S. Vice President Kamala Harris launched her White House campaign with a sharp critique of Donald Trump, positioning the election as a choice between her prosecutorial background and Trump’s criminal record.

Addressing 3,000 supporters in Wisconsin, Harris compared Trump to the fraudsters she prosecuted, stating, “I know Donald Trump’s type.” Her campaign surged after President Joe Biden endorsed her, raising $100 million in 36 hours.

Harris Emphasizes Legal and Social Issues

In Milwaukee, Harris highlighted her experience as California’s attorney general and addressed issues like gun control, abortion access, and healthcare. She contrasted her vision of “freedom, compassion, and rule of law” with Trump’s “chaos, fear, and hate.”

Trump’s Response

Trump responded by criticizing Harris’s record on immigration and crime, calling her “radical left.” He expressed willingness to debate her in September, while Harris secured endorsements from key Democrats and Hollywood figures, strengthening her campaign.

Mt. Gox Bitcoin Transfers: Potential Price Impact Expected to Be Limited

As of July 24, Mt. Gox, the defunct crypto exchange, has transferred 37,477 Bitcoin, valued at $2.5 billion, to an unknown wallet. This follows a prior transfer on July 22 of $2.8 billion in Bitcoin, with $340 million sent to Bitstamp.

These movements are part of ongoing repayments to creditors, with over 40% of the owed Bitcoin already distributed.

Mt. Gox, exchange yang pernah mendominasi landskap cryptocurrency dan mengalami kebangkrutan, dikabarkan melakukan transfer 42.578 Bitcoin senilai US$2,8 miliar atau Rp45,4 triliun. pic.twitter.com/xhbIeg1fzF

— Akademi Crypto (@akademicryptoid) July 23, 2024

While the substantial Bitcoin transfers by Mt. Gox could increase market supply and potentially drive prices lower, analysts believe the impact may be limited.

Most of the Bitcoin is owed to funds rather than individual sellers, and much of the anticipated impact is likely already factored into current prices.

Strong ETF Inflows Bolster Bitcoin Confidence Despite Price Drops

BlackRock’s Bitcoin ETF has attracted significant inflows in 2024, surpassing those into major tech stocks like Microsoft and Apple. The iShares Bitcoin Trust ETF has garnered nearly $19 billion year-to-date, outperforming Invesco’s Nasdaq 100 ETF.

Although Bitcoin’s market is smaller than equities, Bitcoin ETFs now hold over 4.6% of the total Bitcoin supply, with recent net inflows exceeding $1 billion.

The inflows into the 'new' spot #Bitcoin ETFs are baffling. #Blackrock's iShares Bitcoin Trust has accumulated USD 19 billion in inflows this year. This is more than Invesco's Nasdaq 100 ETF, including the hyped Magnificent 7 stocks and the #ArtificialIntelligence boom.
In… pic.twitter.com/yF5CBRnEE3

— jeroen blokland (@jsblokland) July 23, 2024

This surge in Bitcoin ETF investments signals growing interest and confidence in Bitcoin, even as its price has declined 2% following the Mt. Gox Bitcoin distribution news.

The strong ETF inflows suggest that investor demand remains robust, which may help stabilize and support Bitcoin prices despite recent declines.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $66,440, up around 1%.On the 4-hour chart, key technical levels indicate the pivot point at $66,600. Immediate resistance is at $67,360, followed by $68,310 and $69,250.

Immediate support is identified at $65,500, with further support at $64,900 and $64,080.

The Relative Strength Index (RSI) is at 49, suggesting a neutral market sentiment. The 50-day Exponential Moving Average (EMA) stands at $66,430, reinforcing the current upward trendline.

A bullish crossover above the 50 EMA indicates a potential continuation of the buying trend. Resistance at the $66,600 level is crucial, as a break above this could propel BTC prices towards the $68,300 mark.

In conclusion, Bitcoin remains bearish below $66,600, but breaking this level can shift the bias towards a bullish trend, indicating further upward momentum.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.