Bitcoin is experiencing volatility following the US presidential election, with the cryptocurrency fluctuating between $68,000 and $70,000. Market analysis firm Crypto Birb predicts that Bitcoin could reach new record highs above $73,700 after the election. The firm highlights bullish indicators such as upward trends in the 200-week and 50-week simple moving averages, as well as the presence of over $470 billion in volume from ETFs investing in BTC. However, a market bloat of 51% suggests that increased selling pressure could occur if prices rise too quickly. The low correlation of Bitcoin with the S&P 500 makes it an attractive investment for diversification. Traders should be cautious of short-term volatility and pay attention to resistance levels at $70,700 and $72,000. The current sentiment in the crypto market is characterized by greed, which could lead to heightened buying activity or a potential pullback. Historical data suggests that November has been a strong month for BTC, with an average gain of 14.96% over the past nine years. The cryptocurrency is currently trading at $69,830, up 3% in the 24-hour timeframe.
- Content Editor ( newsbtc.com )
- 2024-11-05
Will The US Elections Propel Bitcoin Past $74,000? Key Metrics To Track This Week