Originally published on: November 06, 2024
Bitcoin has soared to new heights as speculation surrounding the US presidential election boosts BTC prices by 8%.
As BTC/USD hits a record high of $75,397 on Binance, market experts are now closely monitoring crucial support levels.
Checkmate, a renowned analyst behind Checkonchain, emphasizes that key bullish trend lines must be defended to sustain Bitcoin’s upward momentum.
These trend lines, including the 200-day SMA and STH-CB, currently stand at $63,546 and $64,337, respectively.
Additionally, CoinGlass data reveals strong resistance at $75,500, with notable buying interest at $73,000 down to $70,000.
Despite the rapid price surge, some experts, like Keith Alan from Material Indicators, remain cautious and warn of potential volatility post-election.
Analysts project a “dump and pump scenario” with BTC/USD potentially retracting to the mid-$60,000s before resuming its climb towards $70,000.
Material Indicators notes that election-driven narratives are driving market fluctuations and advises investors to stay vigilant.
While the market remains unpredictable, it’s important to conduct thorough research and analysis before making any investment decisions.
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