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The Bitcoin price climbed 1% in the last 24 hours to trade at $76,557 as of 9:09 p.m. EST, despite trading volume dropping 14% to $51.65 billion.
The Donald Trump election victory continued to pump markets over the past 24 hours, with Bitcoin clocking another all-time high at $77,252, according to CoinMarketCap.
Bitcoin Price Set For A Continued Rally
The Bitcoin price, according to the BTC/USD chart analysis on the 4-hour chart, shows a clear “cup and handle” formation (highlighted in yellow). This is a bullish continuation pattern, which generally suggests a potential upward breakout if confirmed.
According to GeckoTerminal data, a sustained breakout above the resistance level of around $76,500 could lead to a significant price rally.
BTC price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), further supporting the generally bullish outlook of the price.
The Relative Strength Index (RSI) is currently at 65.26. Although it’s in the higher range, it’s not yet in overbought territory (which typically begins above 70). This suggests there’s still room for upward movement before the price faces potential exhaustion. However, the RSI approaching 70 indicates caution as momentum could begin to slow down once it crosses into overbought levels.
If the price continues to hold above the recent breakout level ($76,500), the upward momentum may extend, potentially aiming toward higher resistance levels. In this scenario, the price of Bitcoin could soar even further, as the bulls target $83,000.
However, if the price re-tests the 50-day SMA or dips below it, it could signal a consolidation phase or a reversal of this trend. In such a scenario, the price of Bitcoin could plunge to the next possible support level at the 200-day SMA ($67,403).
As the Bitcoin price soars after Trump’s landslide election win, many investors are pivoting to a new PolitiFi project called FreeDum Fighters ($DUM), with its presale blasting past $454k in funds raised.
According to analyst and YouTuber Jacob Bury, with over 43k subscribers, DUM can potentially surge 10X when it launches.
FreeDum Fighters: Next Crypto To Explode?
FreeDum Fighters is a political-themed meme coin that brings a showdown between election candidates MAGATRON, a passionate nationalist, and the trailblazing feminist KAMACOP 9000.
Investors who buy DUM tokens are asked to vote (stake) for their preferred candidate. So far, 70% have chosen MAGATRON and are currently offered an annual staking yield of 296%.
The remainder have voted (staked) for Kamacop, which offers a dazzling 896% staking return.
Ready for this year's elections?
Get involved early by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Cast your vote by participating in the $DUM presale and using their stake-to-vote system 🗳️
Be sure to follow this project, you will not regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
— Red (@Redlion35) October 17, 2024
Available on multiple blockchain platforms, including Ethereum (ETH), Binance Smart Chain (BSC), Base, and Solana (SOL), FreeDum Fighters also uses its native $DUM token to let holders participate in debates and win rewards for how their candidate performs.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL, with each token worth $0.00007.
Buy before a price hike in a little more than 1 hour to get the best deal.
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