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The Bitcoin price surged 17% in the last week and 2% in the last 24 hours to trade at $80,654 as of 02:20 a.m. EST on trading volume that skyrocketed 99% to $86 billion.
The Donald Trump election victory continued to pump markets over the past 24 hours, with Bitcoin clocking another all-time high at $81,800, according to CoinGecko.
Bitcoin Price Moving Towards A Sustained Bullish Trend
The BTC/USD chart shows an upward trend over recent months, especially since September. The Bitcoin price appears to be in a rising channel (indicated by the two white trendlines), suggesting a bullish trend. The price is currently near the upper boundary of this channel, surpassing the $79,000 level, which often acts as resistance, according to data from GeckoTerminal.
BTC price is now moving above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the uptrend. The 50-day SMA has crossed above the 200-day SMA, forming a golden cross around the $65,000, which is a sign of the positive trajectory.
Moreover, the Relative Strength Index (RSI) is at 76.37, which is above the 70 level, placing it in the overbought zone. This suggests that WBTC may be overextended in the short term, potentially signaling a pullback or consolidation phase. However, in strong bullish trends, the RSI can stay overbought for extended periods.
The presence above both the 50-day and 200-day MAs, the Golden Cross, and the upward channel indicate a strong bullish trend. If this momentum continues, the price of Bitcoins could soar to the next possible resistance at $90,000.
The RSI is in overbought territory, suggesting a possible pullback or consolidation. Traders might watch for a retest of support levels, like the 50-day SMA or the lower boundary of the rising channel at $67,147 as potential buying opportunities if a pullback occurs.
Meanwhile, investors seeking to capitalize on opportunities in the PolitiFi space amid the Trump election win bull run might want to consider FreeDum Fighters ($DUM).
This new project has just blasted past $467k in funds raised and influential YouTuber Jacob Bury, with over 43k subscribers, says DUM can potentially surge 10X when it launches.
Is $DUM The Next Crypto To Explode?
FreeDum Fighters adds a playful twist to the US elections and invites investors to vote on the blockchain version of the showdown between Donald Trump and Kamala Harris.
The choice is between MAGATRON, a mechanized version of Trump, and Kamacop 9000, representing defeated rival Kamala Harris.
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
$DUM holders can buy and stake tokens in support of their favorite candidate, participate in lively debates, and earn rewards based on the chosen candidate’s performance.
Early presale contributors can back their choice by staking $DUM with either MAGATRON or Kamacop 9000. MAGATRON currently boasts a 268% annual return for its supporters (stakers), while Kamacop 9000 offers a dazzling 690% return.
As happened in the actual election last week, token holders are giving Trump, aka MAGATRON, a landslide win.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL for $0.000075.
Buy now before a price hike in about two days.
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