Following the announcement that Donald Trump has been elected as the 47th U.S. President, Bitcoin has seen a significant surge, reaching a new all-time high of $75,360. This political milestone has triggered a bullish rally in the crypto market, as investors respond to the potential for increased economic uncertainty and policy shifts under Trump’s leadership. Bitcoin’s price surge is helping push the broader cryptocurrency market toward a $2.5 trillion valuation.
Currently trading at $74,722, Bitcoin has experienced an impressive 7.69% gain in just one day, marking a 9.25% increase in the past 24 hours. The cryptocurrency’s market cap has climbed to $1.47 trillion, and Bitcoin now commands 59.61% of the total crypto market. This growth is not confined to Bitcoin alone, as altcoins have also joined the upward movement, fueling optimism across the broader digital asset space.
Bitcoin’s Price Action: Bullish Momentum Builds
Bitcoin’s price action shows strong bullish momentum, highlighted by two massive bullish engulfing candles on the daily chart. The cryptocurrency registered a 2.31% jump the previous day and continued the upward trend with a 7.44% increase. Notably, Bitcoin has surpassed the 100% Fibonacci level at $73,679, breaking through significant resistance. Technical indicators, including the MACD and signal lines, have also shown a positive crossover, reinforcing the bullish outlook.
In addition, the 100-day and 200-day simple moving averages are approaching a bullish crossover, signalling further price gains in the short term. These indicators suggest that Bitcoin is primed for more growth, with analysts expecting the upward momentum to continue.
Open Interest and Liquidations Fuel the Bull Run
Bitcoin’s open interest in the derivatives market has also spiked, reaching $45.08 billion, a 13.19% increase in the past 24 hours. The options market has seen a similar rise, with open interest climbing by nearly 7%. These numbers reflect a growing sense of confidence among market participants, with more traders betting on continued price increases.
Meanwhile, the bullish trend has caused short sellers to suffer heavy losses. Of the $247.67 million in total liquidations in the past 24 hours, $211.67 million came from short positions. This squeeze has intensified the upward momentum, adding fuel to the rally.
Will Bitcoin Reach $80K?
Based on Fibonacci analysis, Bitcoin’s next resistance level is at $82,063, just above the current all-time high. However, some analysts predict that a brief pullback to the $73,679 level is possible before another wave of upward movement. With Trump’s official election victory, the potential for market volatility and increased political uncertainty could drive Bitcoin to new heights. As the political climate shifts, Bitcoin’s price could easily surge past $78,000, and potentially break the $80K barrier in the coming weeks.
Conclusion: The Trump Factor and Bitcoin’s Bullish Future
With Donald Trump now firmly established as the 47th U.S. President, Bitcoin’s rally looks set to continue. The market’s bullish sentiment, combined with strong technical indicators and rising open interest, suggests that Bitcoin could be on the verge of reaching $80K. Investors and traders alike will be watching closely to see how this new political landscape impacts Bitcoin’s price. If Trump’s presidency continues to drive uncertainty in the financial markets, the cryptocurrency could see even greater gains, cementing its position as a key asset in this new era.