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bitcoin is trading around $75,000 following Donald Trump's victory in the US election, sparking new optimism in the cryptocurrency market. Trump's pro-cryptocurrency stance has ignited enthusiasm among analysts and investors who anticipate favorable policies for digital assets in his administration. With bitcoin now at all-time highs, many speculate that this could begin a new phase of recovery.
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Key data from CryptoQuant indicates that bitcoin has reached a price equilibrium, suggesting that there are no strong market forces driving the price down. This positive balance reinforces the bullish outlook and suggests a stable foundation for further growth. Analysts believe that bitcoin can reach new highs with fewer obstacles in the coming weeks.
As investor confidence rises, some see this phase as a critical moment for bitcoin to solidify its position in a pro-crypto policy environment. The combination of strong technical support and positive sentiment from Trump's victory has set the stage for what many expect to be a major uptrend, potentially driving the broader crypto market higher.
bitcoin enters a bullish phase
bitcoin has officially entered a bullish phase after surpassing its previous all-time highs, reaching $76,500. This level has become a new area of focus as many analysts identify it as a potential resistance zone.
x.com/AxelAdlerJr/status/1854431911105507621″ target=”_blank” rel=”nofollow”>According to CryptoQuant analyst Axel Adler, the market is currently in balance between a “bubble” phase and a “crisis” phase. Adler's analysis, which includes key on-chain data, suggests that bitcoin's market structure is in equilibrium, meaning there are no major fundamental reasons to anticipate a decline. Instead, this setup provides a stable foundation to possibly continue bitcoin's bullish trend.
With the Federal Reserve's interest rate decision set to be announced today, the next few weeks promise to be crucial. A stable or favorable decision from the Federal Reserve could reinforce optimism in the market, attracting new demand and strengthening bitcoin's position above $76,000.
Many investors and analysts expect increased activity from institutional players, particularly given bitcoin's resistance around this historical level. Market balance at this juncture is crucial. As long as bitcoin maintains its current structure, it has the potential to continue its upward trajectory without substantial risk of a pullback.
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With new demand entering the market and the macroeconomic context shaping up favorably, bitcoin could soon aim for even higher levels. For now, all eyes remain on the $76,500 mark and how the market will respond following the Federal Reserve's announcement. This period of consolidation could be the catalyst for the next bullish leg, solidifying bitcoin's bullish outlook.
Key btc Levels to Watch
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 began after a strong bounce from the 200 EMA at $66,800, indicating renewed bullish momentum.
The bulls need to keep the price above the $73,000 mark to maintain this momentum, a key psychological threshold. This level increases market confidence and provides a potential springboard for bitcoin to reach higher targets soon. A confirmed hold above $73,000 could signal further upside, leading to additional buying pressure and potentially setting btc up to hit new highs.
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However, if btc fails to maintain this level, it could slide towards an area of lower demand around $70,500. Despite this possibility, the current price action shows no significant signs of a slowdown. The continued uptrend and firm support levels suggest that bitcoin's bullish outlook remains intact, with few signs of an imminent decline.
As long as btc maintains its structure, the path to continued gains remains clear, reinforcing confidence in the ongoing rally.
Featured image of Dall-E, TradingView chart
