Albert Brown
Bitcoin hits a new all-time high as Republicans celebrate Trump’s lead in the 47th U.S. Presidential elections. Will this bull run reach $80k?
The crypto market takes off with Donald Trump inching closer to becoming the 47th U.S. President. Bitcoin’s price has reached an all-time high of $75,360, and the altcoins are on a bullish run.
Bitcoin is currently trading at $74,722. With an intraday gain of 7.69% and a 9.25% jump in the past 24 hours, Bitcoin has a market cap of $1.47 billion and dominates 59.61% of the crypto market. Meanwhile, the broader market is inching closer to the $2.5 trillion valuation.
Bitcoin Price Analysis
In the daily chart, the BTC price action shows two massive bullish engulfing candles. Last night, the BTC price registered a 2.31% jump, continuing the bullish trend with a 7.44% engulfing candle.
The recovery run has surpassed the 100% Fibonacci level price at $73,679. With the increased bullish momentum, the MACD and signal lines have given a positive crossover.
Furthermore, the 100-day and 200-day simple moving averages are heading for a bullish crossover. Hence, the technical indicators are giving a buy signal for Bitcoin.
Bitcoin Open Interest Hits $45B as Short Liquidations Surge
With bullish sentiments shattering the glass ceiling as Donald Trump’s chances of becoming the next president increase, the bull run in Bitcoin is likely to continue.
In the derivatives market, Bitcoin’s open interest has risen by 13.19% in the past 24 hours and reached $45.08 billion. Meanwhile, the option’s open interest is $30.81 billion, a rise of 6.96%.
Essentially, the market sentiment is improving, with the long-to-short ratio surpassing 1:1. In terms of liquidations, short sellers have taken a significant hit in the past 24 hours. Of the $247.67 million in total liquidations, $211.67 million came from short positions.
Will Bitcoin Hit $80k?
Based on the Fibonacci level, the next resistance is priced at $82,063 at 1.272 Fibonacci level. Conversely, a potential retest of the $73,679 level is possible once the market stabilizes.
However, the next stage of bullish momentum will come with Donald Trump officially winning the elections. This massive catalyst could result in a price surge to $78,000 by the end of the day.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
