Bitcoin Hits New All-Time High as US Election Fuels Bullish Momentum

• Bitcoin reached a new all-time high above $75,000, fueled by election-driven optimism.
• A bullish moving average crossover and rising RSI suggest continued upward momentum.

Bitcoin reached a new all-time high above $75,000 today, marking a pivotal moment in the cryptocurrency market. The price of Bitcoin surged by more than 9%, touching $74,614. This latest rise followed favourable U.S. election results for the crypto-friendly candidate, Donald Trump. With Trump’s odds of winning climbing to 96% on the betting platform Polymarket, traders responded enthusiastically. 

Bitcoin’s current price rally builds upon a seven-month upward trend, which began when it first broke past its previous high of $69,000 in March 2024. Since then, Bitcoin moved up to $73,000 in March but has remained within a $50,000–$70,000 range.

Another factor contributing to Bitcoin’s price growth is its halving event in April 2024, when mining rewards were cut from 6.25 BTC to 3.125 BTC. Halvings historically reduce the rate of Bitcoin supply entering the market, often fueling price appreciation. 

Additionally, the newly introduced U.S. Bitcoin spot ETFs have attracted considerable investment. Since their launch in January, they have seen over $450 billion in daily trading volume, with inflows reaching $22.5 billion this year alone. However, recent data on ETF flows indicates a mixed outlook. On November 5, U.S. spot Bitcoin ETFs saw net outflows of $72.67 million, marking a three-day streak of withdrawals. Fidelity’s Bitcoin ETF, FTBC, recorded the largest single-day outflow of $68.24 million.

Technical Indicators Signal Bullish Momentum for BTC

Alongside the election’s influence, technical indicators reveal a strong upward trend for Bitcoin. Currently, Bitcoin’s support level lies near $69,000, which has been tested multiple times as a key floor for price movements. If BTC’s price dips, the next support level stands around $64,000. However, resistance remains a challenge at the $75,000 mark. Should Bitcoin break above this psychological barrier, analysts expect it to target a range between $80,000 and $85,000, marking a potential new price zone.

The Relative Strength Index (RSI) sits at 67.76, showing that BTC is nearing the overbought zone but hasn’t yet reached extreme levels. The 9-day moving average recently crossed above the 21-day moving average, confirming a bullish trend. This crossover, combined with a 50-day moving average well below current price levels, suggests sustained bullish momentum.

Bitcoin’s rise reflects a combination of election-driven sentiment, strong technical indicators, and growing mainstream adoption. As the market watches for Bitcoin to surpass its $75,000 resistance level, the cryptocurrency appears positioned to break new ground. With the election outcome uncertain and support levels holding steady, BTC continues to showcase its potential as a resilient asset in the digital economy.

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