Bitcoin (BTC) Price Breaks All-Time High as Donald Trump's Election Odds Surge

Bitcoin successfully broke its previous all time high and reached a new peak at $75,656 according to Coinglass. The largest crypto surprised everyone when it took a sharp 9.4% rise in the last 5 hours.

Bitcoin price hit a new record high of $75,656 on Monday, as per data from Coinglass.

The world’s largest cryptocurrency enjoyed a 9.4% surge in the last 5 hours, to the surprise of many. This marks a significant moment for BTC, especially after it missed the expected rise in October. Interestingly, this surge in Bitcoin’s price coincides with the rising odds of Donald Trump winning the US Election, according to several platforms.

Is this the final Bitcoin all time high for this season, or is there more to come? Let’s explore.

US Election’s Impact on Bitcoin’s Rise

One thing is clear: politics isn’t just about debates and votes anymore. It’s also affecting crypto. As the US presidential election heats up, investor sentiment is shifting. Former President Donald Trump’s popularity soared on platforms like Polymarket, with his odds jumping from 58% to a staggering 97.1%. At the same time, Kamala Harris’s chances slipped down to just 3.4%. This sudden change in the political wind had investors feeling more confident, which pushed Bitcoin higher.

Whale Activity and Market Shockwaves

Here’s the catch: big gains also mean big market moves. This price surge wiped out $477.83 million in crypto funds, catching more than 100,000 traders off guard. Most of the pain was felt by those betting against Bitcoin, as $354.69 million in short orders got liquidated. Whales, those big-money players, set up a high density of short orders above $75,000, which caused the price to dip back to $74,048. It’s a reminder that in the world of crypto, the market can move quickly and not always in the way you’d expect.

What to Watch For

So, what’s next? Bitcoin appears to be holding steady around its support levels of $73,700 and $71,800. Analysts suggest that some profit-taking could slow things down, but the overall sentiment remains positive. Exchange data shows that BTC has been flowing out of exchanges for three consecutive months, indicating that people are buying up the cryptocurrency. While a pullback could occur if more traders cash out their profits, many believe that this new peak isn’t going anywhere anytime soon. Keep an eye on those whale moves and the US election updates. The crypto community is eagerly waiting for a bigger Bitcoin all time high this season.

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