Bitcoin has re-entered price discovery mode as anticipation of a potential Donald Trump win in the U.S. presidential election drives BTC price up by 8%.
Bitcoin Bull Market Support Levels in Focus
Data from TradingView shows Bitcoin reaching an all-time high of $75,397 on Binance.
Market analysts are now watching crucial support levels that Bitcoin bulls need to defend.
Checkmate, the pseudonymous analyst and founder of Checkonchain, highlights that key bull market trend lines are currently holding steady. However, with Bitcoin’s recent rally, there could be pressure on these levels if sellers re-enter the market.
Some of the most important levels to monitor include traditional bull market support markers like the 200-day Simple Moving Average (SMA) and the Short-Term Holder Cost Basis (STH-CB).
As of Nov. 6, the 200-day SMA and STH-CB are positioned at $63,546 and $64,337, respectively.
In terms of liquidity, data from CoinGlass reveals significant sell orders clustering around $75,500 as BTC explores this new price region. Meanwhile, buyer demand appears strong around $73,000, with further bids lined up down to $70,000.
Keith Alan, co-founder of Material Indicators, has observed this BTC price rise with a degree of skepticism.
“Degens are degening,” he commented, referencing the current activity on the order books. His analysis hints that the excitement linked to the election could be short-lived, especially given the recent liquidations amounting to hundreds of millions in the crypto market.
A Post-Election BTC Price “Dump and Pump?”
Some analysts remain cautious, suggesting that BTC could potentially dip back into the mid-$60,000 range with upcoming election-related volatility.
Lucky Chart Ape, a popular analyst, shared a chart forecasting a potential “dump and pump” scenario that could play out once election results are confirmed. According to this view, BTC/USD could experience a sharp drop before recovering toward the $70,000 range.
Material Indicators added to this view, noting, “The heightened volatility in both directions is a sign that election-driven narratives are clashing.” This sentiment suggests that the market could continue to react unpredictably as election dynamics unfold.
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