According to Cointelegraph: Bitcoin surged to a new record of $75,397 on Binance following the announcement of Donald Trump’s victory in the 2024 U.S. presidential election. This election-driven momentum has pushed BTC into uncharted territory, with traders and analysts closely monitoring critical support levels to assess the strength of the bull market. Pseudonymous analyst Checkmate highlighted the importance of maintaining key bull market trend lines, particularly the 200-day simple moving average (SMA) at $63,546 and the short-term holder cost basis (STH-CB) at $64,337.
Order Book Data Shows Critical Levels at $75,500 and Below
According to CoinGlass, Bitcoin faces significant selling pressure at $75,500, while buyer interest is clustered around $73,000, extending down to $70,000. Keith Alan, co-founder of Material Indicators, cautioned that the heightened market excitement could lead to speculative activity as traders respond to Bitcoin’s recent surge.
Analysts Warn of Potential “Dump and Pump” Post-Election
Despite Trump’s win fueling Bitcoin’s price gains, some analysts remain cautious about post-election volatility. Lucky Chart Ape on X suggested a possible “dump and pump” scenario, where BTC could briefly dip to the mid-$60,000 range before recovering to around $70,000. Material Indicators noted that the volatility seen post-election hints at market instability, as political narratives influence BTC’s movement.
Bitcoin Bulls Aim to Sustain Key Support Amid Political Impact
With Bitcoin’s trajectory tied closely to political developments, bulls are focused on holding crucial support levels to sustain momentum. The 200-day SMA and other trend lines serve as benchmarks, while traders anticipate continued price fluctuation as BTC approaches the next resistance zones. Trump’s victory may signal further price gains for Bitcoin, reflecting broader market optimism around his pro-crypto stance.
