Bitcoin price continued with its uptrend on Friday, as it went up by 0.4 percent to trade at $76,199 at the time of writing. The crypto bellwether has strong propulsion from Donald Trump’s election victory, as traders bet on a friendlier regulatory ecosystem in the world’s largest economy. Bitcoin came within touching distance of the $77K mark on Thursday, and investors will likely be aiming to break the $76,990 all-time-high price mark.
The crypto market capitalisation stood at $2.57 trillion at press time up by 4.3 percent in the preceding 24 hours, according to analytics site, CoinMarketCap. In addition, Bitcoin’s weekly gain was at 8.7 percent. Notably, the crypto market rally isn’t as skewed towards meme coins as seen earlier in the year. This raises the prospect of Bitcoin attracting more inflows in the near-term.
Moving ahead, investors will focus on the Securities and Exchange Commission for cues on its likely regulatory alignment with respect to the change at the White House. Immediate action area will be the XRP ETF application, whose approval could certainly inject fresh propulsion into the market. However, institutional adoption of Bitcoin will carry more weight in sustaining gains in the medium and long-term.
Bitcoin price looks likely to continue with the upside above 75,990 pivot point. With the buyers in control, immediate resistance is likely to come at 76,220. However, if the buyers extend their control, it could break above that level and test the second resistance at 76,380.
On the other hand, a move below 75,990 will favour the sellers to be in control. The resulting momentum is likely to find the first support at 75,820, below which the upside narrative will be invalid. If the sellers extend their control, Bitcoin price could decline further and test the second support level at 75,710.
This post was last modified on %s = human-readable time difference 12:21