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Bitcoin is trading around $75,000 following Donald Trump’s victory in the US elections, fueling new optimism in the crypto market. Trump’s pro-crypto stance has sparked excitement among analysts and investors who expect favorable policies for digital assets in his administration. With Bitcoin at an all-time high, many are speculating that it could start a new rally phase.
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Key data from CryptoQuant indicates that Bitcoin has reached a price equilibrium, indicating that there are no strong market forces driving the price down. This positive balance reinforces the bullish outlook and indicates a stable basis for further growth. Analysts believe that Bitcoin can reach new highs with fewer obstacles in the coming weeks.
As investor confidence increases, some see this phase as a pivotal moment for Bitcoin to solidify its position in a pro-crypto policy environment. The combination of strong technical support and positive sentiment following Trump’s victory has set the stage for what many believe will be a significant uptrend, potentially driving the broader crypto market higher.
Bitcoin is entering a bullish phase
Bitcoin has officially entered a bullish phase after breaking past its previous all-time highs to reach $76,500. This level has become a new area of interest as many analysts view it as a potential resistance zone.
According to CryptoQuant analyst Axel Adler the market is currently in an equilibrium between a ‘bubble’ and a ‘crash’ phase. Adler’s analysis, which includes key on-chain data, suggests that Bitcoin’s market structure is in equilibrium, meaning there are no significant fundamental reasons to anticipate a decline. Instead, this setup provides a stable foundation for Bitcoin’s upward trend to potentially continue.
With the Federal Reserve’s interest rate decision set to be announced today, the coming weeks promise to be crucial. A stable or favorable decision from the Fed could boost optimism in the market, attract new demand and strengthen Bitcoin’s position above $76,000.
Many investors and analysts expect increased activity from institutional players, especially given Bitcoin’s resilience around this milestone level. Market balance is crucial at this time. As long as Bitcoin maintains its current structure, it has the potential to continue its upward trajectory without substantial risk of retracement.
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With new demand entering the market and the macroeconomic backdrop developing favorably, Bitcoin may soon aim for even higher levels. For now, all eyes remain on the $76,500 mark and how the market will react in the wake of the Federal Reserve’s announcement. This period of consolidation could be the catalyst for the next move higher, reinforcing Bitcoin’s bullish outlook.
BTC key levels to keep an eye on
Bitcoin is trading at $75,000, holding steady above its previous all-time high of around $73,800. This level has become a critical support zone as BTC continues in a well-defined 4-hour uptrend. The trend started after a strong rebound from the 200 exponential moving average (EMA) at $66,800, indicating renewed bullish momentum.
Bulls need to keep the price above $73,000 to maintain this momentum, an important psychological threshold. This level increases market confidence and provides a potential springboard for Bitcoin to reach higher goals soon. A confirmed hold above $73,000 could signal further upside, triggering additional buying pressure and potentially driving BTC to new highs.
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However, if BTC fails to hold this level, it could slide into lower demand territory around $70,500. Despite this possibility, the current price action shows no significant signs of a downturn. The steady uptrend and firm support levels suggest that Bitcoin’s bullish outlook remains intact, with little evidence of an impending decline.
As long as BTC maintains its structure, the path to further gains remains clear, reinforcing confidence in the ongoing rally.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
