Friday Nov 8 2024 09:35
3 min
Bitcoin price reached an all-time high of $75,358 after the U.S. presidential election results, before stabilizing at $74,037 as traders analyzed technical indicators and broader market conditions.
Bitcoin reached a historic milestone, surpassing the $75,000 mark for the first time in its trading history, peaking at $75,358 following the announcement of Donald Trump’s return to the U.S. presidency as the 47th President. This surge marked a 10% upward movement before the cryptocurrency experienced a slight correction, settling at $74,037, reflecting a 1.1% pullback from its peak value.
Market activity surged during this significant price movement, with both retail and institutional traders showing strong interest, leading to robust trading volumes in both spot and derivatives markets. The technical landscape has caught the attention of market analysts, including CryptoBullet, who points out key developments in Bitcoin’s market dominance and technical indicators, such as the TD Sequential, which has historically highlighted shifts in market trends.
When comparing this rally to previous market cycles in 2018, 2019, and 2021, similar patterns have emerged, often foreshadowing significant changes in market direction. This makes the current indicators especially crucial for traders monitoring Bitcoin’s price action. Analyst Ali has also identified critical price levels to watch, noting $72,000 as a vital support level and $75,400 as an important resistance point for the near term.
On-chain metrics, according to CryptoQuant analyst MAC.D, offer a positive outlook, suggesting that the current rally is not yet at the overbought levels typically seen at market tops. Additionally, strong buyer interest around the $72,000 mark and modest selling pressure above current price levels are contributing to stable market conditions.
Interestingly, the futures market shows neutral funding rates despite the significant price jump, indicating that the rally has been primarily driven by spot market purchases rather than leveraged positions. Public interest in Bitcoin has also surged, with increased search engine queries and heightened discussion across social media platforms.
Overall, market depth analysis reveals solid liquidity across major exchanges, supporting stable price action despite the volatility of the recent rally. The efficient price discovery process, coupled with balanced participation from both retail and institutional investors, suggests a mature market structure, reducing the likelihood of speculative bubbles.
Traders and market watchers continue to focus on maintaining key support levels, particularly around $72,000, to ensure sustained upward momentum in Bitcoin’s price.
When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.