With Bitcoin trading close to $75,000, Donald Trump’s recent election win has sparked renewed interest in cryptocurrency. His supportive stance, including the possibility of a Bitcoin reserve, is boosting confidence across the market.
Major crypto players like Coinbase and MicroStrategy have seen stock gains, while altcoins such as Ether and Dogecoin are also climbing.
Bitcoin Nears $75,000 as Trump’s Pro-Crypto Stance Fuels Market Optimism
Following Donald Trump’s 2024 election win, Bitcoin skyrocketed to a new all-time high, exceeding $75,000. Trump’s pro-crypto agenda, including plans for a strategic Bitcoin reserve, has fueled a rally across the crypto market.
Major players like Coinbase and MicroStrategy saw double-digit stock gains, while altcoins like Ether and Dogecoin also climbed.
Trump’s shift to strong support for cryptocurrency, combined with hints at regulatory easing, has stirred investor confidence.
Industry insiders anticipate a more favorable regulatory environment, with potential SEC leadership changes aimed at reducing compliance burdens.
Coinbase’s CEO called Trump’s win a triumph for cryptocurrency advocates, further boosting market sentiment.
With investor enthusiasm growing, some analysts speculate Bitcoin could soon hit $100,000, driven by a combination of bullish policy signals and regulatory reforms.
BlackRock Bitcoin ETF Hits Record Volume on Election Day, Reaching $4.1 Billion
On Nov. 6, as Donald Trump was reelected U.S. President, BlackRock’s Bitcoin ETF recorded its highest trading volume to date, surpassing $4.1 billion.
This surge reflects a notable rise in investor interest, potentially linked to Trump’s crypto-friendly policies. Bloomberg analyst Eric Balchunas reported that BlackRock’s iShares Bitcoin Trust (IBIT) experienced its second-highest trading day since inception, with volumes outpacing major names like Netflix and Berkshire Hathaway.
Following the election, Bitcoin climbed to a new peak of $76,500, as investors responded to Trump’s intentions for supportive cryptocurrency legislation.
The demand for Bitcoin ETFs continues to grow, with many funds seeing trading volumes well above average.
Meanwhile, more asset managers are seeking authorization for ETFs focused on a range of cryptocurrencies, including altcoins.
With expectations of supportive U.S. policies, analysts suggest that demand for Bitcoin ETFs could drive Bitcoin prices closer to the $100,000 mark.
Strong Dollar Pressures Global Currencies Ahead of Fed and BOE Rate Decisions
As markets await interest rate decisions from the Federal Reserve and Bank of England (BOE), the U.S. dollar remains near a four-month high against other major currencies.
Despite recent weak U.S. jobs data, the Fed is expected to cut rates by 25 basis points, with attention on whether another reduction will follow in December.
Analysts suggest the dollar and yields could rise further if the Fed signals a shift away from its previous easing stance.
The BOE is also anticipated to cut rates, which could weigh further on the pound. Responses to Donald Trump’s recent election victory have been mixed, as his economic policies may influence inflation and broader market conditions.
Bitcoin, often sensitive to dollar movements, could benefit from Trump’s favorable view on cryptocurrencies, especially if shifts in volatility or interest rates boost demand for Bitcoin as an alternative asset.
Bitcoin Price Forecast: Potential Correction from $75,450 Resistance
Bitcoin (BTC) recently completed its 127.2% Fibonacci extension around $75,450, meeting a significant resistance level.
The appearance of an inverted hammer candlestick hints at a potential reversal, suggesting selling pressure could drive prices down toward $73,600 in the near term.
Immediate support lies at $73,610, with stronger levels at $72,125 and $71,017 if a pullback intensifies. RSI at 68.46 shows overbought conditions, which may further support a possible correction.
On the upside, a break above $75,450 could set BTC on a path toward the next resistance at $77,807.
Key Insights:
Fibonacci Extension: BTC hits 127.2% level at $75,450, signaling resistance.
Inverted Hammer: This bearish candlestick hints at potential downward pressure.
RSI Overbought: RSI at 68.46 suggests BTC may be due for a short-term pullback.
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