According to BlockBeats news, on November 12, Bitfinex released a report saying, “Bitcoin soared after Trump won the election as President of the United States, breaking through a new all-time high. The market responded positively to his victory, pushing the price of Bitcoin up from the pre-election low. twenty three%.
Record ETF inflows reached $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, current profit-taking is relatively mild compared to the all-time high in March, when profits were realized at $3.1 billion. We believe this reflects the market’s maturation and recalibration of its fair value expectations.
Despite the good momentum, the $82,000 to $85,000 range may act as psychological resistance. We expect there may be some consolidation or a potential pullback to $77,000 to fill the CME gap before Bitcoin continues its climb on higher time frames. Market resilience, supported by institutional participation and emerging demand, has laid a solid foundation for Bitcoin’s price exploration in uncharted territory. “
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<p>The post Bitcoin Surges after Trump Win: Institutional Demand, Highs, and Outlook first appeared on CoinBuzzFeed.</p>
