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Bitcoin is trading around $75,000 following Donald Trump’s US election victory, sparking renewed optimism in the crypto market. Trump’s pro-crypto stance has sparked excitement among analysts and investors who expect positive digital asset policies from his administration. With Bitcoin now sitting high, many think that this could start a new phase of the rally.
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Important data from CryptoQuant shows that Bitcoin has reached price equilibrium, suggesting that there are no strong market forces pulling the price lower. This positive rating reinforces the bullish outlook and hints at a stable base for continued growth. Analysts believe that Bitcoin may be set for new highs with several hurdles in the coming weeks.
As investor confidence grows, some see this phase as a critical time for Bitcoin to solidify its position in the pro-crypto policy space. The combination of strong technical support and the positive sentiment of Trump’s victory set the stage for what many hope will be a significant rally, which could propel the broader crypto market forward.
Bitcoin Enters Bullish Phase
Bitcoin has officially entered the bullish phase after surpassing its previous high, reaching $76,500. This level has become a new area of ​​focus as many analysts point to it as a potential resistance zone.
According to CryptoQuant analyst Axel Adler, the market is currently balancing between the “Bubble” phase and the “Crash” phase. Adler’s analysis, which includes important on-chain data, suggests that the structure of the Bitcoin market is in equilibrium, which means that there are no significant fundamental reasons to expect a decline. Instead, this setup provides a stable foundation for Bitcoin’s continued growth.
With the Federal Reserve’s interest rate decision set to be announced today, the next few weeks promise to be crucial. A stable or favorable decision from the Fed can strengthen confidence in the market, attract new demand and strengthen the position of Bitcoin above $76,000.
Many investors and analysts are expecting higher activity from institutional players, especially given the strength of Bitcoin at this historic level. The balance of the market at this time is important. As long as Bitcoin maintains its current structure, it has the potential to continue its upward trajectory without much risk of a reversal.
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With new demand entering the market and the macroeconomic environment shaping up well, Bitcoin may aim to go even higher. At the moment, all eyes remain on the $76,500 mark and how the market will react after the Federal Reserve’s announcement. This period of consolidation could be the trigger for the next leg, reinforcing Bitcoin’s bullish outlook.
Key BTC Rates to Watch
Bitcoin is trading at $75,000, holding above its previous high of around $73,800. This level has become an important support area as BTC continues in a well-defined 4-hour uptrend. The trend started after a strong bounce from the 200 exponential moving average (EMA) at $66,800, indicating renewed bullish momentum.
Bulls need to keep the price above $73,000 to maintain this momentum, which is an important psychological barrier. This level boosts market confidence and provides a potential foundation for Bitcoin to reach higher goals sooner. A confirmed hold above $73,000 may indicate a further uptrend, inviting more buying pressure and potentially setting BTC up for new highs.
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However, if BTC fails to hold this level, it could slide towards the much sought-after area around $70,500. Despite this possibility, the current price action shows no significant signs of slowing down. A consistent uptrend and strong support levels suggest that Bitcoin’s bullish outlook remains intact, with little indication of an imminent downside.
As long as BTC maintains its structure, the path to continued gains remains clear, reinforcing confidence in the ongoing rally.
Featured image from Dall-E, chart from TradingView
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