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Bitcoin price is once again in price discovery mode, fueled by an unexpected 8% rally amid growing bets on Donald Trump’s potential return to the White House. As projections suggest Trump could win with 306 electoral votes, Bitcoin surged to a new record of $75,397 on Binance, reigniting excitement and cautious optimism across the crypto market.
While CNN has declared Trump “on the brink of victory” and the Associated Press reported he has already amassed 267 electoral votes, market excitement seems to be reaching a fever pitch.
Bulls Aim to Hold Key Support Levels
Still, the real test for Bitcoin may lie ahead, as some analysts eye potential challenges to sustaining the recent gains. Checkmate, a pseudonymous analyst and founder of the resource Checkonchain, highlighted crucial bull market trend lines that may face renewed sell-side pressure.
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With Bitcoin now retesting new highs, the focus shifts to protecting these critical support levels, including the 200-day simple moving average (SMA) at $63,546 and the short-term holder cost basis (STH-CB) at $64,337.
Volatile Price Movements Expected After Election Frenzy
As Bitcoin soars, liquidity data from CoinGlass points to increased resistance just above current prices, with a cluster of sell orders around $75,500. On the downside, buyer interest remains strong at $73,000, with additional bids layered down toward the $70,000 level. Despite the excitement, caution prevails; co-founder of Material Indicators, Keith Alan, noted the speculative nature of this rapid upswing, stating, “Degens are degening,” as order books reveal mixed signals on market sentiment.
The market’s response has been nothing short of fervent, yeat some seasoned traders foresee volatility ahead. Popular analytics account Lucky Chart Ape on X (formerly Twitter) even forecasted a “dump and pump scenario” as the election drama settles, suggesting an imminent pullback to the mid-$60,000s before Bitcoin stabilizes back toward $70,000. Previous reports indicate that election-driven liquidations in the crypto sector might soon fade, likely ushering in fresh price swings as uncertainty settles.
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Will Bulls Hold Their Ground in Uncharted Territory?
While Bitcoin’s surge to new all-time highs has brought renewed optimism, experienced market participants are preparing for potential turbulence. Key support levels, such as the 200-day SMA, may prove vital if post-election momentum dwindles. For now, Bitcoin’s resilience reflects both market enthusiasm and caution, as traders weigh the impact of political winds on price action in the days ahead.
