Bitcoin posted a major rally on Monday during early Asia trading hours, with the king of cryptocurrencies fast approaching the $70,000 mark.
BTC was trading at $69,733 as of 02:41 a.m. EST after a 3.3% gain in 24 hours.
The majority of the cryptocurrency market also turned green on Monday. The gains come shortly after former US President, Donald Trump, gave a powerful Bitcoin endorsement speech last week during the Bitcoin 2024 conference.
Bitcoin Approaches $70,000
Bitcoin has made a notable gain in the last 24 hours, with the gains causing a recovery across the broader cryptocurrency market.
The Bitcoin Relative Strength Index (RSI) line has dropped to around 50 in the last 24 hours despite the price gains. The shifting momentum shows that despite the gains caused, some profit-takers sold when BTC crossed higher levels.
The Moving Average Convergence Divergence (MACD) line confirms that selling activity is suppressing Bitcoin’s price action to gain above $70K. However, the bullish thesis is confirmed by the MACD histogram bars that have flashed green and are showing a bullish momentum.
One analyst on X noted that BTC’s recent gains are attributed to a post-halving rally. The price of Bitcoin tends to gain after the Bitcoin halving event where miner rewards are slashed by half.
The analyst noted that if indeed the price of Bitcoin had repeated its historical patterns, the price could be starting a wild run in the coming months.
However, others believe that Bitcoin’s rally comes from the recent endorsement of Bitcoin by Trump during the recently concluded Bitcoin conference.
Trump Urges Traders Never To Sell Bitcoin
Trump was the chief guest at the Bitcoin 2024 conference that happened on Saturday last week. While speaking at the conference, Trump said that if he is elected the US President in November, the government will hold 100% of the Bitcoin it currently owns.
The Republican Presidential contender noted that the US government was among the largest holders of Bitcoin. It holds 210,000 Bitcoin, equivalent to 1% of the total supply.
“I am announcing that if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future,” Trump said.
During the speech, Trump noted the “cardinal rule” for every Bitcoiner was to never sell your Bitcoin. Therefore, if elected president, Trump promised to ensure that the federal government also adopts this rule.
Trump further announced a series of pro-crypto measures that he will take if he assumes office. He is planning to set up a Bitcoin and Crypto Presidential Advisory Council.
The former President also said that on day one of office, he would fire the Chair of the US Securities and Exchange Commission (SEC), Gary Gensler.
