The US presidential election results show that Donald Trump has been elected, sending Bitcoin to $75,407. Following Trump's victory, Bitcoin soared to $75,407. Technical analysis indicates Bitcoin may next aim for $78,000, located above the 141.40% Fibonacci extension.
Rumors suggest the "Trump trade" is gaining momentum, favoring long positions in the US dollar, cryptocurrency, and rising Treasury rates. Following Trump's election, Bitcoin surged more than 7% to a new record high of $75,407, driven by positive sentiment toward his pro-crypto stance.
Technical indicators suggest Bitcoin's next target may be in the $78,777–$78,955 range, while the Trump trade trend centered on the US dollar, cryptocurrency, and Treasury rates continues to gain traction. With Trump's victory, Bitcoin hits a new all-time high. After Trump crossed the 270-vote threshold in crucial swing states, Bitcoin surpassed its previous high of $73,777.
According to QCP's report, the Trump trade, including dollar and crypto long positions and bets on Treasury rates, has gained traction. Trump's economic policies are expected to boost the US dollar, negatively impacting gold. Analyst Joaquin Monfort notes that investors are moving from gold to riskier assets like Bitcoin and stocks.
Trump’s crypto-friendly image, his promises of removing SEC chair Gary Gensler, forming a crypto advisory council, and proposing a national Bitcoin stockpile have strengthened his support among crypto advocates.
Following Bitcoin ETF withdrawals, profit-taking is rising. Coinglass ETF data shows $657.9 million in outflows, suggesting a drop in institutional demand for Bitcoin. The Network Realized Profit/Loss indicator from Santiment shows a significant increase, indicating investors are taking profits.
Bitcoin, the largest cryptocurrency, broke out of a downward channel in mid-October and retested support at $67,800. Last week, it reached a record $73,777, but briefly fell before hitting $75,407. A further high of $78,955 is projected if Bitcoin's advance continues, according to technical patterns.
The Relative Strength Index (RSI) shows bullish momentum at 63, above the neutral 50 but below overbought levels. On the daily chart, Bitcoin gained 2.24% by Tuesday, reaching $75,407 on Wednesday, surpassing $73,777. If it closes above $73,777, Bitcoin could target the 141.40% Fibonacci extension at $78,777. Alternatively, Bitcoin may retest $70,000 if it fails to close above $73,777.
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