As a seasoned researcher with a decade-long immersion in the cryptosphere, I’ve witnessed more ups and downs than a roller coaster ride. The latest Bitcoin surge, fueled by election bets, is a testament to the market’s volatility – a trait that has become as predictable as the tides for those who have followed its journey.
The price of Bitcoin (BTC) is once again being set anew, as speculation about Donald Trump’s victory in the U.S. Presidential Election has led to a surge of 8% in its value.
Bitcoin bull market support levels in focus
Data from CryptoMoon Markets Pro and TradingView confirms a new record of $75,397 on Binance.
Popular market commentators are now eyeing key support levels that bulls need to protect.
According to Checkmate, the anonymous analyst who founded the statistical resource Checkonchain, the primary trends that indicate a bull market are still active.
Following the recent acquisition of them all, Bitcoin enthusiasts might encounter the hurdle of maintaining their holdings if renewed selling force resurfaces in the market.
Levels to watch include “classic” bull market support components such as the 200-day simple moving average (SMA) and short-term holder cost basis (STH-CB).
As I pen down these words on November 6th, the Simple Moving Average (SMA) for a period of 200 days sits comfortably at approximately $63,546, while the Support-Resistance-Trend (STH-CB) level stands slightly higher at around $64,337 in my crypto portfolio.
At a more familiar level, data from our tracking tool CoinGlass indicates that most sell orders are grouped near $75,500, as the price ventures into unfamiliar regions.
On the negative side, there appears to be strong buyer interest at a price point of $73,000, and bids have been placed as low as $70,000.
Regarding the swift increase in Bitcoin’s value, Keith Alan, a partner at trading resource Material Indicators, expressed some doubts.
“Degens are degening,” he commented while examining order book data.
Previously, CryptoMoon stated that it was anticipated that the heightened interest in cryptocurrencies due to elections would likely decrease shortly following approximately $500 million worth of crypto sell-offs.
A post-election BTC price “dump and pump?”
Some other cautious outlooks also mentioned that the price could drop back down to around $60,000 in fresh volatility following the election.
This forecast was shared from the widely followed analytics account, Lucky Chart Ape on X. They predicted a “buy low, sell high” situation (or “dump and pump scenario”) following the vote count.
Thereafter, BTC/USD should recover toward $70,000.
In simpler terms, “The volatility we’re experiencing this week is moving in all directions, suggesting that the impact of the ongoing election news is becoming less clear or significant today,” as per Material Indicators in their latest post.
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2024-11-06 10:07