#BTCBreaksATH Bitcoin Rally Faces Critical Test

John Glover, the chief investment officer at crypto lending platform Ledn and a former managing director at Barclays Investment Bank, noted that the recent rally appears to be a retest of the previous all-time high set on May 22, which encountered selling pressure.

As some investors opted to take profits, notable publicly traded companies, including Trump Media & Technology Group and GameStop, have announced their intentions to purchase Bitcoin to bolster their treasuries.

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Glover emphasized that the competition among these companies to accumulate Bitcoin could significantly impact market dynamics, given that the cryptocurrency’s popularity among publicly traded companies appears to be growing.

However, the sustainability of Bitcoin’s rally largely hinges on macroeconomic conditions and developments in trade negotiations. Sid Powell, CEO of crypto asset-management firm Maple, highlighted that any setbacks in trade discussions before President Donald Trump’s August 1 deadline could pose challenges for Bitcoin’s price movement.

Conversely, if trade negotiations progress and inflation continues to ease, the Federal Reserve (Fed) might consider cutting interest rates, which could further support Bitcoin’s upward trajectory.