Since Tuesday, a euphoric mood has permeated the cryptocurrency market. With the victory of Donald Trump, risky assets entered a new level, in addition to bitcoin (BTC), stock market indices and shares also continuously set new historical highs. However, the 0-24 available cryptocurrencies did not drop over the weekend either.
By early Monday, bitcoin (BTC) had set a new all-time high above $81,000. The leading digital currency has surged 18% in the past week, fueling speculation as to when it might hit $100,000.
Bitcoin has set another all-time high
Since Tuesday, news has been appearing every day that the world’s leading cryptocurrency, bitcoin (BTC), is setting new all-time highs. This is extremely important, as this was last achieved in March 2024, which was followed by more than half a year of sidelining. We found the historic high at the time at $73,750, and after touching it, everyone started taking profits.
Bitcoin (BTC) Technical Analysis Source: X/Crypto Rover
After the American presidential elections, however, the situation changed. With the victory of Donald Trump, the United States will have a pro-cryptocurrency president who, in addition to using digital assets as a reserve currency new president would appoint him as head of the Securities and Exchange Commission (SEC).
During the upswing we just saw, bitcoin (BTC) – for now – It set a new all-time high at $81,800, as a result of which the digital asset ended the week with an 18% weekly increase. Liquidated leveraged positions played a clear role in the background of the weekend rise. According to data from CoinGlass in the last 24 hours $650 million worth of positions were liquidatedof which 366 affected shorts and 283 longs.
Level of liquidated leveraged positions, source: CoinGlass
The demand for bitcoin is not slowing down
The charts clearly show that the sideways/declining trend ended at the beginning of September. In more than two months since the $52,600 level touched on September 2nd increased by more than 55% the price of bitcoin (BTC) in what could otherwise be called a bullish last quarter.
In September, contrary to expectations, bitcoin (BTC) closed the month with a 7.3% increase. In October, despite the volatility experienced in the last days, the leading cryptocurrency gained 10.8%, and in November, a 15% increase so far we witnessed.
Bitcoin (BTC) monthly returns, source: CoinGlass
And the setting of new and new historical highs suggests that with the election of Donald Trump, the immediate resurgence of the Bitcoin ETF and the interest rate cut implemented a few days ago, the long-delayed may even be reached this year. $100,000 exchange rate.
Outlook for Bitcoin
After such a sharp rally, it would not be a surprise to see bitcoin (BTC) correct back to the $75,000 support. However, the steep rise experienced in recent days was so sudden and so few people managed to participate in it that the correction is unlikely to be long-lived.
Most analysts conclude that the current rise may continue. This is evidenced, among other things, by the fact that institutional investors and the Bitcoin ETFs they bought were primarily behind the upswing in recent days, while retail investors are nowhere to be found. With the level of profit taking falling short of the levels seen after previous bitcoin peaks, it looks like traders want more than they are now.
While it was not unthinkable to make a daily profit of 6-10 billion dollars after certain historical peaks, this week it barely reached 3 billion dollars. At the time of writing our article, bitcoin
BTC Price (BTC) is working to hold the $81,000 support.
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