- Bitcoin’s recent rally has crypto traders eyeing key resistance near $75,600.
- Trump’s pro-Bitcoin stance may add momentum, with regulatory changes potentially in play.
- Support around $73,500 could be crucial for sustaining Bitcoin’s uptrend.
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Bitcoin’s rapid rally following Donald Trump’s election victory has captured the attention of crypto investors, setting a fresh record at $75,356.
As Trump’s odds of winning strengthened, demand surged, propelling Bitcoin up 8% ahead of the U.S. market open. Though some traders have since taken profits, the crypto continues to hold steady near $73,300, signaling resilient support amid this excitement.
The rally’s timing points to a powerful force in play: Trump’s vocal support for the cryptocurrency throughout his campaign. With bold promises like establishing it as the U.S. reserve currency, his potential return to the White House has triggered FOMO across the crypto landscape.
As a result, blockchain data now shows that all Bitcoin addresses are in profit, fueling a wave of positive sentiment after a period of pre-election volatility and record ETF inflows.
Can Trump Make Good on His Crypto Promises?
Now, the market is watching closely to see if Trump will follow through. Investors anticipate moves like favorable crypto regulations or a new SEC Chair appointment, especially given the agency’s ongoing scrutiny of altcoins.
Should Trump make decisive pro-crypto steps, Bitcoin’s momentum could extend further.
Key Levels to Watch for Bitcoin’s Next) Move
Bitcoin’s upward trajectory faces a critical test near $75,600, a major resistance level.
After gaining support around $60,000 last month, Bitcoin’s steady climb brought it to $73,500 before a brief pullback to $67,500, which retested its breakout from a long-standing downward channel.
The technical outlook suggests further gains are possible if Bitcoin maintains daily closes above $73,500, potentially targeting the Fibonacci expansion zone between $75,600 and $80,000.
In case of a pullback, look for support around $73,500 and $72,200. Holding this range could sustain the uptrend, but a dip below $70,000 might signal a deeper retracement.
For now, Bitcoin traders are riding the wave of renewed optimism, with potential catalysts on the horizon as Trump’s policies and market developments unfold.
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