Bitcoin (BTC/USD) was one of the biggest movers yesterday after Trump’s election win upped the odds of cryptocurrency-friendly policies.
We’re eyeing potential support levels after BTC/USD has turned lower from its new record highs!
Bitcoin (BTC/USD) 4-hour Chart by TradingView
What dollar domination?
Bitcoin was one of the strongest performers yesterday after Trump – a candidate who embraced the crypto scene – won the U.S. presidential elections.
The U.S. dollar also gained support yesterday but was no match for the bitcoin HODLers who had FOMO on the crypto action.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
How high can BTC/USD fly?
Note that the pair is now turning lower after making fresh record highs above $76,000.
Bitcoin could draw in buying pressure at $73,000, which is not too far from October’s highs, the R1 ($72,406) Pivot Point line, and the 38.2% Fibonacci retracement of yesterday’s move.
Alternatively, BTC/USD could drop to the big $70,000 handle that’s closer to the Pivot Point line ($69,932), the 4-hour chart’s 100 SMA, and a key inflection point in the last few weeks before the pair sees sustained buying demand.
Don’t believe BTC/USD would see a significant pullback before the bulls step in again?
Keep an eye out for bullish candlesticks and consistent trading above $76,000 which could draw in more FOMO and push BTC/USD to $80,000 if not the moon.
As always, watch out for headlines that could impact overall market sentiment, and make sure you practice proper position sizing when taking any trades!
