Impact on BTC Price and Crypto As Kamala Harris Confirms Bitcoin Conference No-Show

The Bitcoin Conference 2024 kicks off tomorrow, but the BTC price has hit a wall of around $68,000. The conference has been the talk of the crypto space for weeks now, with a lineup of industry leaders and former president Donald Trump slated to make speeches.

Initially, there were speculations that Kamala Harris was in discussions with Bitcoin Magazine CEO David Bailey, one of the organizers, about potentially speaking at the Bitcoin conference. However, her team has now confirmed that she will not be attending.

The Democratic National Party has long used the SEC to fight Bitcoin and cryptocurrencies. If Kamala Harris, now the face of the DNC, had spoken at the conference, it would’ve sent a message that Democrats support digital currencies, spelling good news for crypto like XRP, which has been battling with the SEC for years, and boosting the price of assets like Bitcoin and KAMA. 

This development also coincides with accusations against X owner Elon Musk, who has endorsed Trump for the presidency, of censoring Kamala Harris’s posts on the platform.

Can BTC price the conference hype to breach $68,000?

BTC Price Eyes $63,000 as Sentiment Remains Bullish

A day before the conference’s start, Bitcoin price shows some signs of retracing after hitting a resistance at $68,500. BTC price is trending above 50-day and 200-day exponential moving averages (EMA), confirming the trend is still upside-down.

Bitcoin technical indicators indicate increasing bullish momentum as the relative strength index (RSI) bounces off its 14-day SMA. The Chaikin money flow (CMF) is at 0.26 and rising, indicating increased buying pressure.

Mark Cuban confirmed getting “multiple questions” from Kamala Harris’ camp about crypto. “The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto, and government as a service,” Cuban said. 

🇺🇸 Mark Cuban says Kamala Harris staff have reached out to him about #Bitcoin and crypto.

Game theory has started playing out 🔥 pic.twitter.com/5AkRSsycHS

— Vivek⚡️ (@Vivek4real_) July 23, 2024

Coinalyze shows Bitcoin open interest (OI) rose slightly by 0.92% in the last 24 hours, as the Long/Short ratio also rose to 1.49 from Monday’s 1.27. This indicates market participants are cautiously optimistic about Bitcoin’s price but also suspect the conference may be a sell-the-news event.

BTC price prediction points to further correction to the immediate 50-day EMA ($63,500) before it rebounds to test the $68,500 resistance for a second time. 

Kamala Harris May Attend BTC Conference, KAMA Price Spikes 63% 

Kamala Horris (KAMA), a parody token created on the Solana network, increased by 238% in price to $0.032 after the announcement of Biden dropping out of the presidential race on Sunday. The token price later retraced.

The token extended those gains further after news that Kamala Harris’s staff had contacted Bitcoin Conference organizer David Bailey about the possibility of her speaking at the meeting. 

We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today.

— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) July 23, 2024

KAMA’s price increased by 71% in the last 24 hours to trade at $0.032 as market participants anticipate further gains in the coming days. The three-month-old token is small, with a $36 million market cap, and is riding a hot narrative—two things needed for potential upswings. Trading volume increased by 293% in the last 24 hours, which, coupled with the price increase, confirms an uptrend. 

The KAMA price chart shows zones of market imbalance created from the volatile price upswing. $0.026 and $0.0135 serve as potential support levels where the price action may revisit. Nevertheless, the token will be affected by BTC price performance during the meeting.

XRP Price Targets $0.73

The overall trend for XRP/USD is to the upside, as indicated by the higher lows and highs after a significant downtrend. The price trends above the 50-day EMA ($0.58131) and 200-day EMA ($0.52352) confirming an upward trend.

The chart shows a symmetrical triangle pattern, typically a bullish or bearish continuation pattern, depending on the preceding trend. The XRP price just broke out and is heading toward the resistance level at $0.64985 on the 4-hour chart. If the candle closes above the market structure, Ripple may rise further to $0.73, the next significant resistance on the chart. On the flip side, the price of XRP may find support around $0.52, $0.47, and $0.42.

XRP has been the talk of the crypto space throughout 2024, with increased chatter in the past few weeks. Zach Rector, a markets analyst, gives six reasons why the price of XRP is poised to pump, and the conclusion of the Ripple-SEC lawsuit is among the top ones.

6 Reasons #XRP will pump 👇 pic.twitter.com/pKQXf6qEAD

— Zach Rector (@ZachRector7) July 24, 2024

Conclusion

Now that it is confirmed that Vice President Kamala Harris won’t be in attendance at the Bitcoin Conference 2024, things might take a slight shift. BTC price will likely drop to $63,000 to find bouncing support to test the $68,000 barrier. KAMA’s price sported an impressive surge. Further gains are in store, but a retrace to $0.028 and $0.014 may happen. The price of XRP breaking out of a key bullish structure is inches closer to breaking out of a macro bullish structure. The short-term bullish target is $0.73.