At the Bitcoin 2024 conference in Nashville, July 25-27, a former US president will address the Bitcoin community for the first time. Donald Trump's speech was highly anticipated and made several headlines.
Following are the five main lessons of his speech:

1. First US President at Bitcoin Event: Trump Pledges to Support Bitcoin If He Wins Again

As the first US president to speak at a Bitcoin event, Donald Trump made history. If re-elected, he reiterated his commitment to backing Bitcoin and the larger cryptocurrency market. Expressing his belief in Bitcoin's potential, Trump promised to create an environment conducive to its growth, making it a central component of his future economic strategy.

2. Comparing Bitcoin's revolutionary potential to the steel industry

In a shocking comparison, Trump highlighted Bitcoin's revolutionary potential by comparing it to the steel industry a century ago. He compared the potential impact of Bitcoin and blockchain technologies on the contemporary financial landscape to the way steel industries and economies are changing. The analogy was intended to emphasize the importance of Bitcoin and the need for the United States to lead this new wave of innovation.

3. Bitcoin and America First: A Vision for Technological Leadership

Trump reiterated his "America First" position, this time involving Bitcoin and technology. In his vision, the United States would be at the forefront of many technological fields, including artificial intelligence, space exploration, and cryptocurrency. He stressed the importance of adopting crypto-technology to guarantee that the United States remains at the forefront of technological advancements worldwide.

4. Crypto-Regulation Strategy: Making Bitcoin a Superpower

In response to questions about regulations, Trump laid out his ideas for making the US a global center for cryptocurrency.

As part of this, a Presidential Advisory Committee on Bitcoin and other cryptocurrencies has been established with the aim of making sound and uniform regulatory recommendations. His plan seeks to address the ambiguity surrounding cryptocurrency laws, increasing the appeal of the United States as a hub for cryptocurrency innovation and entrepreneurship.

5. Against CBDC: In favor of self-custody rights

Trump announced his opposition to central bank digital currencies (CBDCs) and his support for self-custody of digital assets.
He announced that he would fight against the establishment of CBDCs, claiming that they threaten people's privacy and financial freedom. The Bitcoin community, which supports decentralization and individual ownership of financial assets, found great resonance with this stance.

Bitcoins High Time Price Analysis

In July 2024, after Trump's speech at a conference in Nashville, the price of Bitcoin reached $69,800 for the first time. Technical signs suggest that as the month draws to a close, it could rise further.

The upside of the Ballinger Bands shows that the Bitcoin price is closing in on the upper band of $72,090.55, which could mean that the positive momentum will continue.

Given the positive sentiment and momentum from recent events, a breakout above this immediate resistance level could push Bitcoin to test all-time highs above the $75,000 mark.

The 20-day simple moving average (SMA) of $64,553.46 is the closest support level, followed by Bollinger Bands at $57,016.37. The level of support is clearly defined. In case of any temporary setback, these levels can act as a safety net.

With the Relative Strength Index (RSI) at 67.26, it looks like overbought conditions are getting closer for Bitcoin. The RSI level, however, still allows for additional upside before reaching extremely overbought levels, thus encouraging additional upside momentum.

Given the optimistic outlook in the market and Trump's pro-Bitcoin stance, Bitcoin is well positioned for future gains. Investors should watch out for a break above $70,000, as this could signal the start of a fresh bullish trend and could result in higher ATHs.