According to BlockBeats, on November 12, Bitfinex released a report stating that “Bitcoin soared after Trump won the US presidential election, breaking through the historical high. The market responded positively to his victory, pushing the price of Bitcoin up 23% from the pre-election low.
Record ETF inflows hit $2.28 billion in three days, showing renewed institutional demand for Bitcoin. BlackRock's IBIT ETF alone attracted $1.1 billion in net inflows, reversing outflows during the pre-election de-risking period. This surge in demand marked a significant market change, with buying interest absorbing selling pressure at all-time highs and stabilizing market dynamics. The significant increase in cumulative spot volume showed strong post-election buying on major exchanges. In Bitcoin futures and perpetual contracts, open interest (OI) also hit all-time highs, with the market showing a rise in speculative activity, but at high levels, OI and price remained balanced and relatively stable.
Furthermore, profit taking is relatively mild compared to the all-time high in March, when realized profits reached $3.1 billion. We believe this reflects the market’s maturity and recalibration of its fair value expectations.
Despite the favorable momentum, the $82,000 to $85,000 range could act as psychological resistance. We anticipate some consolidation or a potential pullback to $77,000 to fill the CME gap before Bitcoin continues to climb higher on higher timeframes. Market resilience, supported by institutional participation and emerging demand, provides a strong foundation for Bitcoin’s price exploration in uncharted territory.”