- President Biden’s recently announced departure from politics is fueling bullish speculation.
- Elon Musk’s laser eyes in his X-profile provoke crypto hype.
Bitcoin [BTC] was pushed higher over the weekend, helped by an unexpected turn of events. This includes a major announcement about Joe Biden and Elon Musk’s presidency, which may hint at his current stance on crypto.
The Bitcoin community took a more optimistic stance after the announcement that Joe Biden would not seek a second term.
The current acting US president has not been particularly enthusiastic about supporting crypto. A contrast with Donald Trump who recently revealed that he is pro-Bitcoin. The announcement indicated a greater likelihood that Trump would regain the presidency, hence the favorable BTC sentiment.
Meanwhile, another key figure may have influenced Bitcoin’s bullish expectations. Elon Musk recently changed its X-profile to include laser eyes.
Reactions and commentary on this issue show that the market is translating Elon Musk’s laser eyes as a sign that he is optimistic.
Bitcoin is approaching its top range
Prior to Bitcoin’s surge over the past week, bullish sentiment had faded as the cryptocurrency posted a double top. This outcome was compared to the 2021 top, which resulted in a major price correction.
However, Bitcoin managed to rise above $68,000 this weekend. Why was this important?
The $68,000 price range means Bitcoin needs less than a 10% move to retest its previous high. In other words, the likelihood that there will be a new ATH is now more likely.
This could also alleviate the twin concerns that the bull run may be over. Bitcoin was trading at $67,269 at the time of writing.
Exchange data indicate the state of demand
We also made some notable observations that align with the political climate and the overall state of market demand. Our assessment of Bitcoin demand showed that foreign exchange reserves were expanding on their negative side.
Source: CryptoQuant
The last time foreign exchange reserves were this low was in February 2018. It speaks volumes about the growing demand for Bitcoin. Furthermore, we witnessed the recent recovery also fueling a spike in Bitcoin miner reserves.
Read Bitcoin’s [BTC] Price forecast 2024-25
Miners’ reserves previously showed an outflow. Bitcoin’s halving in April meant miners would make less profit, and some would be unable to break even, forcing them to sell.
The recent spike in miners’ reserves indicates that miners are more willing to hold on to their coins in anticipation of potentially higher prices.