Bitcoin is currently at $74,900 after hitting a record high of $76,400 due to Donald Trump’s election as U.S. President. Institutional demand rebounded, with over $620 million flowing into U.S. spot Bitcoin ETFs. Despite some profit-taking, Bitcoin shows potential for further gains. Analysts suggest Bitcoin could aim for $78,777 if it maintains its upward trend, but a drop below $73,777 could trigger a pullback. Market sentiment remains optimistic due to Trump’s victory.
On Wednesday, Bitcoin surged to a new all-time high of $76,400 following Trump’s win. Institutional demand saw a significant rebound, with U.S. spot Bitcoin ETFs recording a $621.9 million inflow. Compared to previous highs, recent profit-taking and realized losses remain low, indicating room for growth.
Bitcoin broke past its previous high of $73,777, reaching $76,400. Trump’s victory is seen as a catalyst for Bitcoin’s price rise, supported by his pro-Bitcoin stance and proposed policies. High retail interest and FOMO characterize the market, with $242.1 million worth of short positions liquidated on Wednesday, adding to price pressure.
Institutional demand recovered on Wednesday, with significant inflows into U.S. spot ETFs. If this trend continues, it could further support Bitcoin’s price increase. Glassnode’s report highlights ongoing capital inflows and sustained new demand, suggesting growing investor interest.
Bitcoin’s price broke its previous high and reached $76,400. If it continues its upward momentum, it could aim for $78,777. The MACD indicator shows a bullish crossover, while the RSI indicates a potential pullback. A failure to maintain momentum could lead to a decline, retesting $70,000.
Bitcoin is the largest cryptocurrency by market cap. Altcoins are other cryptocurrencies, and stablecoins maintain stable value.
Sentiment: Neutral
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