The bitcoin price climbed to a 40-day high of $68,518 on July 22, a gain of 19.4% in 10 days. The main drivers include increased investor confidence in the US Federal Reserve's rate cut in 2024, the German government stopping the bitcoin sell-off, and an improved regulatory attitude towards cryptocurrencies in the United States. Bitcoin futures premiums reached a five-week high, indicating a cautiously optimistic market mood. US President Joe Biden announced that he would not run for re-election, increasing the likelihood of former President Donald Trump and pro-cryptocurrency vice presidential candidate JD Vance winning the election. Traders were slightly optimistic about the short-term price movement. Taken together, the bitcoin market is driven by multiple factors, and the target price is expected to test the $72,000 level again.