Bitcoin (BTC) Pushes Higher Approaching Its Top Range

Bitcoin [BTC]  pushed higher over the weekend aided by an unexpected turn of events. This includes a major announcement regarding Joe Biden's presidency and Elon Musk potentially hinting at his current stance on crypto.

output: Bitcoin (BTC) price encountered an unexpected push higher over the weekend thanks to an announcement regarding Joe Biden’s presidency and Elon Musk potentially hinting at his stance on crypto.

The Bitcoin community appeared to be turning more bullish following the announcement that Joe Biden will not be pursuing a second term.

The current acting U.S. president has not been particularly supportive of crypto, unlike Donald Trump who recently stated that he is pro-Bitcoin. This announcement signaled a higher chance of Trump regaining presidency, hence the positive BTC sentiment.

On the other hand, another key figure may have influenced Bitcoin’s bullish expectations. Elon Musk recently changed his X profile to include laser eyes.

Reactions and commentary on the matter suggested that the market was interpreting Elon Musk’s laser eyes as a sign that he is bullish.

Bitcoin approached its top rangeOnce again, prior to Bitcoin’s extended upside over the last week or so, the bullish sentiment fizzled out as the cryptocurrency approached a double top.

This outcome was likened to the 2021 top which saw a major price correction after forming a double top.

However, Bitcoin managed to push above $68,000 during the weekend. But why was this so important?

The $68,000 price range meant that Bitcoin was less than a 10% move away from retesting its previous all-time high. In other words, the possibility of pushing into a new ATH was now more likely.

This may also dispel double top concerns about the bull run potentially being over. At press time, Bitcoin was trading at $67,269.

Exchange data highlighted the state of demandWe also made some interesting observations that aligned with the political climate, as well as the overall state of demand in the market.

Our assessment of Bitcoin demand revealed that exchange reserves extended their downside.

The last time that exchange reserves were this low was in February 2018. It speaks volumes about the growing demand for Bitcoin.

Moreover, we also saw that the recent recovery also saw a spike in Bitcoin miner reserves.

Bitcoin miner reserves previously saw outflows. Halving in April meant that miners would make fewer profits and some couldn’t even break even, leading to forced selling.

However, the recent spike in miner reserves suggested that miners were more willing to hold on to their coins in anticipation for potentially higher prices.