Bitcoin price rose to new all-time highs of $81,888 on Monday, as the Trump momentum continued to strengthen. With that the crypto market capitalisation rose to $2.75 trillion as per this writing, according to data analytics site, CoinMarketCap. Bitcoin was up by 0.6 percent on the daily chart and traded at 80,885 at the time of writing, with key momentum indicators calling for further upside.
Unlike during the mid-year when meme coins stole the limelight with their rallies, this rally has Bitcoin at the helm. That has provided a stronger traction for the rest of the crypto market, making investors believe in the prospect of hitting the $100k mark by the year’s end. The upbeat sentiment is reflected in the ETF market, signifying a potential continuation of the strong upside. According to Coinglass data, net ETF inflows hit record daily highs of $1.36 billion on Sunday.
The Trump administration is expected to bring substantial changes to market regulator, the Securities and Exchanges Commission (SEC). Trump previously stated that he will see to it that SEC chair Gary Gensler vacates his position, which is good news to most crypto investors. Gensler has been criticised as being overly high-handed against cryptocurrencies, and an end to his tenure could be a monumental moment for the industry.
Bitcoin price pivots at 81,025, and the uptrend will prevail if the price action stays above that level. With the buyers in control, the BTCUSD pair could move higher to encounter the first resistance at 81,315. However, a stronger upward momentum could break above that level to test 81,684.
On the other hand, moving below 81,025 will strengthen the sellers to be in control. In that case, the first support could be at 80,652. However, if the downside momentum extends, the price could break below that level, invalidating the upside narrative. Meanwhile the decline could send the price lower to test 80,430.
This post was last modified on Nov 11, 2024, 08:44 GMT 08:44