Originally published on: November 06, 2024
Bitcoin made headlines on November 6 as it reached a new all-time high of $75,407. This surge was driven by optimism around the United States presidential election results, particularly in favor of Donald Trump.
The crypto industry is hopeful that Trump’s victory will deliver on promises made to the community during his campaign. Markus Thiel, head of research at 10x Research, even predicts that Bitcoin could skyrocket to $100,000 by Q1 2025.
The bullish sentiment isn’t limited to Bitcoin alone. Memecoins have also been thriving, with the total meme market capitalization approaching $67.5 billion. This surge in sentiment signals a risk-on sentiment in the market.
Despite the optimistic outlook, some volatility may still be expected as bears attempt to halt the rally. So, what are the key support and resistance levels for Bitcoin and other major altcoins? Let’s take a closer look at the top 10 cryptocurrencies.
Bitcoin broke through to new highs recently, with the bulls gaining momentum. If the price continues to stay above $73,777, it could mark the beginning of a new uptrend, aiming for a pattern target of $93,554.
On the other hand, bears will need to act quickly to push the price back below the 20-day exponential moving average to avoid the rally turning into a bull trap.
Ethereum also saw positive movement as it reclaimed key support levels, with potential for further upside towards $2,850. Solana, Binance Coin, XRP, Dogecoin, TON, Cardano, Shiba Inu, and Avalanche are also showing signs of strength and resilience in the current market conditions.
As the crypto market continues to evolve, it’s essential for investors to stay informed and adapt to the changing dynamics. Keeping an eye on key levels and market trends can help navigate the ups and downs of the volatile crypto landscape. Stay tuned for more updates on the exciting world of cryptocurrencies.
