Bitcoin’s valuation has ascended past the formidable $75,000 threshold, reaching unprecedented heights as anticipation builds around Donald Trump’s possible resurgence as the 47th President of the United States.
Fundamental Landscape:
Bitcoin experienced an explosive rally today, surging over 8% and attaining a historical pinnacle of $75,371.69, thus eclipsing its prior high of $73,797.98 achieved in March. This ascent illustrates heightened enthusiasm among investors, captivated by the cryptocurrency’s evolving prominence. For the majority of the year, Bitcoin oscillated within a constrained corridor beneath $70,000, yet the latest electoral developments have revitalized investor interest, spurring a powerful upward trajectory.
Wednesday, November 6, witnessed Bitcoin’s robust surge past the $75,000 landmark for the inaugural time, fueled by rising confidence in Donald Trump’s potential success in the 2024 U.S. Presidential election. This fresh peak underscores the invigorated sentiment tied to a possible Trump administration, with investors eyeing his reputedly pro-crypto stance as a possible catalyst for further growth. Trump’s anticipated policy approach is viewed as potentially more accommodating toward digital assets compared to Democratic contender Kamala Harris, further galvanizing the market.
The cryptocurrency’s market capitalization has now swelled to nearly $1.5 trillion, with trading volumes hovering around $77 billion within the past day. Bitcoin’s latest ascent reinforces its standing as a hedging instrument during uncertain economic and political landscapes, fortifying its role as a stabilizing reserve asset amid volatile market conditions.
BTC/USD Daily Technical Analysis:
Technical Synopsis:
BTC/USD is navigating an upward-trending channel, trading above all primary moving averages (SMA). The Relative Strength Index (RSI) rests in a bullish territory, with the Stochastic oscillator indicating a continuation of the positive trend. Key resistance stands at 75,072, while immediate support levels are observed around 72,740.
Bitcoin Trading Strategy:
Following an extended phase of consolidation, Bitcoin (BTC/USD) has decisively broken free from its prior range, notching a new record high. Presently, Bitcoin exhibits strong upward momentum, establishing a series of higher peaks. Given the magnitude of this rise, a retracement to test support levels is plausible, which may subsequently trigger continued upward momentum.
Trade Suggestion
- Limit Buy at 71,206.
- Target Profit at 75,072.
- Stop Loss at 68,629.