Originally published on: November 06, 2024
Bitcoin is surging towards new record highs, with recent gains fueled by speculation around the US presidential election results. The cryptocurrency has jumped 8% in price, hitting a new high of $74,895 and eyeing the $75,397 mark on Binance.
Market experts are closely monitoring key support levels that could signal a continuation of the bullish trend. Checkonchain founder, Checkmate, highlights important trend lines that bulls need to protect to sustain the current rally.
Key levels to watch include the 200-day SMA and STH-CB, standing at $63,546 and $64,337 respectively. As Bitcoin continues its upward trajectory, order book liquidity data suggests strong resistance at $75,500, while significant buyer interest is seen at $73,000.
Despite the rapid price increase, some traders remain cautious, anticipating volatility post-election results. However, projections indicate a potential “dump and pump scenario” leading to a recovery towards $70,000.
As market dynamics evolve, experts stress the importance of conducting thorough research and due diligence before making investment decisions. Stay informed with critical insights and investment opportunities in the cryptocurrency market by subscribing to the Markets Outlook newsletter today.
