Bitcoin (BTC) Price Hits $75,000 after a Bearish Start for the Month, How High Will It Rise This Bullish Season?
- Linda HamiltonOriginal
- 2024-11-06 15:12:161049browse
The Bitcoin price, which maintained a sluggish trend for a while now, appears to have switched on the beast mode and heading towards the targeted area
The Bitcoin (BTC) price rallied by more than 9% in the past 24 hours and hit a new all-time high at $74,983. The BTC price is now up by more than 120% since the beginning of 2024. The rally comes as Donald Trump appears to be leading Kamala Harris in the U.S. presidential election. Trump is seen as being more favorable to cryptocurrencies than Harris.
The Bitcoin price started the month on a bearish note and dropped below the crucial support level of $60,000. However, the BTC price quickly recovered from the losses and began to rally again. The rally gained momentum in the past few days as Trump started to close in on Harris in the polls.
If Trump wins the election, it could be a major catalyst for the upcoming bull run in cryptocurrencies. However, the possibility of BTC price cooling down after the current move is expected as the rising buying volume takes a break. In the past few hours, Bitcoin witnessed a huge influx of buying volume that pushed the price towards a new ATH. A similar rise in the volume was recorded during the first week of August but it remained in favor of bears that slashed the prices by 16.57%.
Therefore, the recent rise of over 9.5% suggests there could be more room to rise. These high-volume candles often mark pivot points in the market, especially in rangebound conditions. Meanwhile, the BTC price is yet to rise above the trend line in the short term, which suggests a major run could succeed once these levels are achieved. The next level to watch is around $80,463.21, which may lead the Bitcoin (BTC) price to form a new ATH at $82,752.24 at 1.2 FIB in a short while from now.
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