The Bitcoin bull market is in full swing, as proved by the BTC futures premium reaching a five-week high.
Bitcoin (BTC) price rose to its highest level in 40 days on July 22, reaching a $68,518 intraday peak. The 19.4% gains in 10 days were fueled by investors becoming more confident in the United States Federal Reserve cutting interest rates in 2024, the end of Bitcoin selling from the German government, and a more constructive regulatory view, especially in the US.
The bullish momentum led the Bitcoin futures premium, the primary gauge of professional traders’ sentiment, to its highest level in five weeks. Traders now question whether the scenario favors a rally to $72,000 despite the uncertainty from US presidential elections and global socio-political turmoil.
President Biden’s choice to dropout of the reelection bid on July 21 increased the likelihood of former President Donald Trump for and his crypto-friendly Vice President pick JD Vance winning the upcoming election. Vance, had previously disclosed holdings of up to $250,000 in Bitcoin and voted in favor of a joint resolution to overturn a regulation that aimed to classify crypto holdings as a liability on banks’ balance sheets.
