Highlights:
- The price of Bitcoin has captured an all-time high of $75,000 as trading volume and market cap spike.
- Bitcoin’s surge has lifted the entire cryptocurrency market, driving significant gains in various digital assets.
- According to an AFP report, Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world.’’
The Bitcoin price has captured a new all-time high at $75K amid the intensifying battle for the US presidency between Trump and Kamala Harris. However, early profit bookings commenced, causing the BTC price to plunge slightly.
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Meanwhile, Bitcoin is still up 7%, with the BTC/USD trading at $73,908 at press time. The growing interest in the token has seen the trading volume spike by more than 130% to $99.51 billion, while the market is up 7% to $1.46 trillion.
This rally comes as Donald Trump wins the US presidential election. Moreover, Trump is seen as more supportive of cryptocurrencies than Democratic Presidential candidate Kamala Harris. According to an AFP report, Trump has pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.
Donald Trump gives his victory speech after being elected. 🇺🇸pic.twitter.com/LYl7ZPTnQn
— DramaAlert (@DramaAlert) November 6, 2024
Bitcoin’s surge has lifted the entire cryptocurrency market, driving significant gains in various digital assets. Ethereum, the second-largest cryptocurrency, is trading at $2,615, up over 7% in 24 hours. Memecoins, on the other hand, are not an exception, as they also surged, with Dogecoin rising over 23% and Pepe up over 10%.
According to Moon, a well-known crypto analyst, Bitcoin has never dropped below its election-day price after the results. Historically, BTC explodes after U.S. elections, often going parabolic.
#Bitcoin has never dropped below its election-day price post-results. Historically, #BTC exploded after U.S. elections, often going parabolic. pic.twitter.com/Si4n7yz4cw
— The Moon (@TheMoonCarl) November 6, 2024
As Donald Trump ‘’the crypto president’’ is officially elected as the U.S. president with a major win against Kamala Harris, the crypto market may boom, with BTC hitting $90,000 soon.
Bitcoin Statistical Data
Based on CoinmarketCap data:
- BTC price now – $73,908
- Trading volume (24h) – $99.51 billion
- Market cap – $1.46 trillion
- Total supply – 19.78 million
- Circulating supply – 19.78 million
- BTC ranking – #1
As predicted earlier, the Bitcoin price has flipped bullishly, hitting a new ATH at $75,000 before a slight correction occurred. This comes as investor confidence has been bolstered, driving the cryptocurrency market upward.
The bulls have established strong support at $66,481, enabling them to steady the uptrend. Currently, the BTC price trades above key bullish indicators, including the 50-day and 200-day Simple Moving Averages (SMAs). The 63,541 and $65,657 are the immediate support levels, supporting the bullish outlook.
Moreover, the short-moving average has crossed above the long-term moving average, validating the golden cross. This signals that the bulls have taken the reigns entirely, leaving the bears’ counterparts in total dust. A golden cross is a technical indicator that suggests a long-term bullish outlook.
On the other hand, the Relative Strength Index has climbed from the 50-mean level, steadying from the uptrend currently at 67.08. This signals intense buying pressure in the market.
Bitcoin Price Forecast
Based on the technical view, the odds lean towards the buyers, hence the bullish outlook. The BTC price could soar if the bulls capitalize on the Golden Cross and the support from moving averages stays intact.
Moreover, with Trump’s victory as the 47th US president ‘’crypto president,’’ BTC could hit a new high of $90,000 in the next two months. On the downside, if early profiteering begins, the BTC price could drop. In such a case, the $69,296 mark will cushion against downward pressure.
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