Bitcoin Price Approaches ATH as Trump Challenges Powell with 11 Fed Chair Candidates

Key Insights:

• Bitcoin price surges towards new ATH as President Donald Trump picked 11 Fed Chair candidates after Jerome Powell defied rate cuts.
• BTC price rebounded above $122K again as BTC taker buy volume hit $1.66 billion in just an hour.
• Analysts predicted Bitcoin to hit at least $133K in the next upside wave.

U.S. President Donald Trump has selected 11 Fed Chair candidates to replace Jerome Powell. This caused a sudden spike in Bitcoin price to surge toward making a new all-time high (ATH).

Trump and his administration urged Powell to cut interest rates, resuming with a larger rate cut of at least 50 bps in September. In fact, Truflation data points to inflation at 1.83%, below the Federal Reserve’s 2% target.

Donald Trump Selects 11 Fed Chair Candidates

Trump threatened Fed Chair Powell with announcing 11 candidates and a lawsuit if he continues to defy interest rate cut calls.

The candidates include Jefferies chief market strategist David Zervos, BlackRock CIO Rick Rieder, and former NEC director Kevin Hassett, along with several former and current Fed officials.

Kevin Warsh, Larry Lindsey, Michelle Bowman, Chris Waller, Philip Jefferson, Marc Summerlin, Lorie Logan, and James Bullard are among the other 11 candidates.

The Trump Administration believes Powell’s hawkish stance on rate cuts is impacting the economy. Treasury Secretary Scott Bessent said the cooling labor market and inflation hints at a 50 bps rate cut in September.

As The Coin Republic reported, US CPI inflation data for July was lower than expected. Bessent claimed the Fed could have lowered rates at its last two meetings after downward revisions to nonfarm payrolls data.

At the time of writing, the CME FedWatch tool showed a 99% probability of a 25 bps Fed rate cut in September. Moreover, the data points to three rate cuts for a total of 75 bps by the Federal Reserve this year.

Bullish Market Sentiment Pushes Bitcoin Price Nears ATH

Bitcoin price extended gains beyond $122K in response to Trump considering 11 Fed Chair candidates now. The broader bullish sentiment in the crypto market also acted on BTC price surge.

On-chain analyst Maartunn highlighted that BTC taker buy volume hit $1.66 billion in just an hour. He said taker buyers tried to send Bitcoin over the ATH of $123,091.

Coinglass data indicate massive volatility in the crypto market, with a total liquidation of $568 million in the last 24 hours. BTC saw more than $38 million in short positions liquidated within an hour.

BTC futures open interest on Binance hit a new ATH of $15.57 billion, indicating traders expect further upside in Bitcoin price.

What’s Next for Bitcoin Price?

Rekt Capital, one of the most followed analysts, predicted $126,000 level as the next pivotal Bitcoin price ahead. He added that upside momentum BTC to remain intact as it moves in its price discovery uptrend.

Analyst Ali Martinez predicted $133K as the next Bitcoin price target, with the asset making its last rally before the bull market peak in October.

CryptoBirb noted RSI at 62 indicated further room for another leg up, with key support well below the price keeping the uptrend healthy.

Spot Bitcoin ETFs inflow and BTC treasury companies support positive sentiment for pushing Bitcoin price higher. Bullish sentiment has risen to its highest level in the options market, with traders betting on $200,000 target by year-end.