The Bitcoin price surged 9% in the last 24 hours to trade at $74,861 as of 00:32 a.m. EST on trading volume that skyrocketed 102% to $91 billion.
This comes after the BTC price hit a new all-time high (ATH) of $75,361 as early US election results indicated Donald Trump is set to win the race for the White House.
This topped the previous Bitcoin high set in March that followed the market euphoria after the launch of spot Bitcoin ETFs (exchange-traded funds) in the US.
#Bitcoin has just set a new all-time high, surpassing its previous record of $73.77K! pic.twitter.com/MzmReCsIbI
— Binance (@binance) November 6, 2024
Trump’s odds of winning the election surged by 37% to a record 96.9% on Polymarket, while Harris’s plunged to just 3.4%.
Bitcoin Price To Continue Soaring
The Bitcoin price is moving within an ascending channel, as highlighted by the two parallel trend lines. This channel suggests a bullish trend, with higher highs and higher lows forming since late September, as the bulls took advantage of the price around the $54,000 support, according to data from GeckoTerminal.
BTC price is currently near the upper resistance line of the channel, which could either lead to a breakout above this level or a pullback toward the support line of the channel. However, major indicators show that the price of Bitcoin could continue soaring.
The Bitcoin price now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which is in line with the recent uptrend. The 50-day SMA now acts as a formidable support level of around $68,157 and a possible level of retreat.
Moreover, the Relative Strength Index (RSI) is currently at 71.44, which is in the overbought territory (above 70). This level indicates strong buying pressure but also signals a possible short-term reversal or consolidation as the asset may be overextended.
The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), which is a bullish crossover indicating upward momentum. Additionally, both lines are in positive territory, which supports the bullish case.
BTCUSD Chart Analysis Source: GeckoTerminal
Bitcoin Price Prediction
According to the BTC/USD chart analysis, the Bitcoin price is currently on a sustained bullish rally, and supported by major indicators therein. If the current stance continues, the price of Bitcoin could soar, with the $80,000 level posing as the next possible resistance and target.
Meanwhile, the RSI shows that Bitcoin is currently overvalued, which may be a selling signal for the bears. In such a scenario, BTC could plunge, with $68,157, within the lower boundary of the rising channel acting as the next possible support level.
As the Bitcoin price soars, investors seeking opportunities in the PolitiFi segment of the crypto market are piling into the new presale FreeDum Fighters ($DUM), which YouTuber Jacob Bury, with over 43k subscribers, says is one of the best meme coins to buy now in preparation for the meme coin supercycle.
FreeDum Fighters Presale – Best Crypto To Buy Now?
FreeDum Fighters has surged past $439k in funds raised as the new meme coin unveils the blockchain version of the presidential election.
The project features a digital battle arena where candidates MAGATRON and Kamacop 9000 face off.
Investors are asked to vote/stake their DUM tokens for either MAGATRON or Kamacop 9000 when they join the project. MAGATRON currently boasts a 276% annual return for its supporters (stakers), while Kamacop offers a stunning 736% annual return.
Ready for this year's elections?
Get involved early by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Cast your vote by participating in the $DUM presale and using their stake-to-vote system 🗳️
Be sure to follow this project, you will not regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
— Red (@Redlion35) October 17, 2024
Community involvement is also encouraged, with debates and social media activity rewarded by additional $DUM tokens.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL, with each token worth a $0.00007.
Buy before a price hike in about 3 days to get the best deal.
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