Bitcoin hit a new all-time high above $75,000, driven by election optimism and positive market trends. A bullish moving average crossover and rising RSI suggest continued upward momentum.
Today, Bitcoin surged over 9%, reaching $74,614—a significant milestone for the cryptocurrency market. This rally followed favorable U.S. election results for pro-crypto candidate Donald Trump, whose chances of winning have surged to 96% on the betting platform Polymarket, sparking enthusiasm among traders.
This price climb extends Bitcoin’s seven-month uptrend, which began when it first broke its previous high of $69,000 in March 2024. Bitcoin has since reached $73,000 but mostly traded between $50,000 and $70,000.
A key driver of Bitcoin’s recent gains was its April 2024 halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC, limiting Bitcoin’s supply and historically fueling price increases.
Moreover, the launch of U.S. Bitcoin spot ETFs has drawn substantial investment, with over $450 billion in daily trading volume since January and $22.5 billion in inflows this year. However, recent ETF data shows mixed activity, with net outflows of $72.67 million on November 5, marking the third consecutive day of withdrawals. Fidelity’s FTBC Bitcoin ETF recorded the largest single-day outflow of $68.24 million.
Technical Indicators Show Strong Bullish Trend for BTC
Bitcoin’s technical indicators confirm its strong upward trajectory. BTC’s current support level sits near $69,000, a key price floor. If Bitcoin faces a pullback, support could be found around $64,000. However, the $75,000 resistance remains a significant challenge. Breaking this level could pave the way for Bitcoin to target the $80,000–$85,000 range.
The Relative Strength Index (RSI) at 67.76 indicates BTC is approaching overbought levels but hasn’t hit extremes. Recently, the 9-day moving average crossed above the 21-day, signaling a bullish trend. The 50-day moving average remains below current prices, further supporting sustained bullish momentum.
Bitcoin’s rise reflects a mix of election-related sentiment, strong technical signals, and mainstream adoption. As the market watches for Bitcoin to surpass the $75,000 barrier, it seems poised to explore new highs. With support levels holding and an uncertain election outcome, BTC continues to demonstrate its resilience in the digital economy.
