The price of bitcoin saw a substantial rise on Sunday that took it from the low $36,000 that dominated most of the weekend to above $37,000 once again. The rally that hit its local peak at $37,500 took the cryptocurrency market by surprise as investors began to get used to the low momentum that often characterizes weekend trading.
Milei’s victory sparks renewed vigor
On Sunday night the results of the Argentine presidential elections were known. bitcoin/argentina-pro-bitcoin-president/” rel=”nofollow noopener” target=”_blank”>Announced and Javier Milei, a candidate whose pro-bitcoin stance had earned him an active following, had emerged victorious from the election. Milei had apparently won by a good margin, demonstrating the willingness of residents to accept cryptocurrencies.
As a result of this victory, all eyes turned to bitcoin and the price enjoyed a significant rally as a result. The price increase was rapid and came just after the results were announced. The price of bitcoin went from $36,400 at the beginning of the day, to end the day at $37,000.
On Monday, the cryptocurrency still retains most of its gains and continues to trade above $37,000. The 28% increase in daily trading volume is a testament to the renewed faith in investors who are once again throwing their hats in the ring.
bitcoin Fear and Greed Index Turns into Greed Again
Over the weekend, investor sentiment around the price of bitcoin had begun to decline, causing the score on the crypto/fear-and-greed-index/” rel=”nofollow noopener” target=”_blank”>bitcoin Fear and Greed Index to fall back towards 60. However, this was short-lived as investors flocked to the market again.
The Fear & Greed index has now moved firmly back towards greed, suggesting that investors remain very optimistic. At times like these, new money is likely to return to the market and this has helped prop up the price of bitcoin and keep it above $37,000.
bitcoin price forms support above $36,800
Support for bitcoin price early Sunday was above $36,400, but by Monday, the bulls had regained $36,800, which has now become support for the cryptocurrency. In this case, the bulls are now firmly in control of the price, making it easier to hold btc above $37,000.
There is also a lot of support for bitcoin, especially when Tether announced its entry into the bitcoin mining sector. According to reports last week, Tether is investing $500 million in its bitcoin mining operations in a bid to become a top miner.
All of these events have converged into a bullish narrative for bitcoin that has continued to prop up its price. And if this bullish narrative continues, then the price could cross $38,000 before the week ends.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Machine-Learning-Algorithm-Predicts-1766-Rise-in-Bitcoin-Price-Heres" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1742″/>
btc price above $37,000 | Source: BTCUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
