As Trump’s odds of winning strengthened, demand surged, propelling Bitcoin up 8% ahead of the U.S. market open. Though some traders have since taken profits, the crypto continues to hold steady near $73,300, signaling resilient support amid this excitement.
The rally’s timing points to a powerful force in play: Trump’s vocal support for the cryptocurrency throughout his campaign. With bold promises like establishing it as the U.S. reserve currency, his potential return to the White House has triggered FOMO across the crypto landscape.
As a result, blockchain data now shows that all Bitcoin addresses are in profit, fueling a wave of positive sentiment after a period of pre-election volatility and record ETF inflows.
Now, the market is watching closely to see if Trump will follow through. Investors anticipate moves like favorable crypto regulations or a new SEC Chair appointment, especially given the agency’s ongoing scrutiny of altcoins.
Should Trump make decisive pro-crypto steps, Bitcoin’s momentum could extend further.
Bitcoin’s upward trajectory faces a critical test near $75,600, a major resistance level.
After gaining support around $60,000 last month, Bitcoin’s steady climb brought it to $73,500 before a brief pullback to $67,500, which retested its breakout from a long-standing downward channel.
The technical outlook suggests further gains are possible if Bitcoin maintains daily closes above $73,500, potentially targeting the Fibonacci expansion zone between $75,600 and $80,000.
In case of a pullback, look for support around $73,500 and $72,200. Holding this range could sustain the uptrend, but a dip below $70,000 might signal a deeper retracement.
For now, Bitcoin traders are riding the wave of renewed optimism, with potential catalysts on the horizon as Trump’s policies and market developments unfold.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.
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