Bitcoin Futures Premium Hits Record High as Traders Predict Another Test of $72,000 Level in Short Term

Bitcoin price climbed to a 40-day high of $68,518 on July 22, up 19.4% in 10 days. Key drivers included increased investor confidence in a 2024 U.S. Federal Reserve rate cut, the German government halting bitcoin selling and an improved U.S. attitude toward cryptocurrency regulation. Bitcoin futures premiums reached a five-week high, indicating cautiously optimistic market sentiment. U.S. President Joe Biden announced that he would not run for re-election, increasing the likelihood that former President Donald Trump and cryptocurrency-supporting vice presidential candidate JD Vance will win the election. Traders are slightly optimistic about short-term price action. All things considered, the Bitcoin market is driven by multiple factors and the target price is expected to test the $72,000 level again.