Bitcoin (BTC) Price Rallies to Six-Week High, Eyesвыше $80k as Dominance Soars

Bitcoin (BTC) price has rallied to the highest level in the last six weeks, largely fueled by pro-crypto sentiments by Republican presidential candidate Donald Trump over the weekend.

Bitcoin (BTC) price has rallied to the highest level in the last six weeks, largely fueled by pro-crypto sentiments by Republican presidential candidate Donald Trump over the weekend. The flagship coin surged as high as $69,711, up around 3.3 percent in the past 24 hours.

Consequently, Bitcoin’s price against the US dollar has approached the resistance range between $70k and $73k. Having pumped in the past four weeks, the Bitcoin price is attempting to enter the price-discovery phase beyond $74k.

Moreover, the Bitcoin market continues to eat into the altcoin industry, as depicted by its rising dominance.

For the first time since April 2021, Bitcoin dominance closed above 56 percent weekly. According to crypto analyst Benjamin Cowen, Bitcoin dominance will continue to rise in the coming months, with a target of about 60 cents before reversing.

The poor performance of the recently approved spot Ethereum ETFs in the United States has given Bitcoin a much-needed boost. According to a popular crypto analyst alias, Captain Faibik, Bitcoin price is on the cusp of a broadening wedge upside breakout. The crypto analyst has set a midterm target of around $80k if the resistance range between $70k and $73k becomes a support level.

Meanwhile, it is worth noting that historical data shows that August is not the best month for the crypto industry and could result in potential correction before the breakout in October.

Favoring Economic Outlook

It has been more than three months since the fourth Bitcoin halving, and more institutional investors have continued to flock to related products. The US-based spot Bitcoin ETFs have absorbed nearly $3 billion in cash inflows over the past four weeks.

Meanwhile, the US Federal Reserve will announce its highly anticipated interest rate decision on August 1. The CME data shows the probability of the US Fed keeping the interest rate unchanged is 96 percent. However, the probability of a 25 bps rate cut on September 18 is 85.8 percent.

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