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Cryptocurrency markets are experiencing a significant increase, coinciding with Donald Trump leading in the polls for the U.S. presidential election. This rise is driven by political events and market trends that have boosted investor confidence.
As of November 6, 2024, the U.S. presidential election results are coming in for Republican candidate Donald Trump and Democratic candidate Kamala Harris. Here are the main points:
Current Results: Donald Trump has won Florida and at least nine other states, giving him a total of 171 electoral votes. Kamala Harris has won Connecticut and three other states, bringing her to 102 electoral votes. The counting of votes is still ongoing across the country.
Voting Background: Over 82 million Americans voted early, which has had a big impact on the election. The race is very close, with key states like Pennsylvania, Georgia, and Wisconsin likely to decide the final results.
Donald Trump has recently changed his views and is now supporting cryptocurrencies as the 2024 U.S. presidential election approaches. He wants the U.S. to be the "crypto capital of the world" and aims to make Bitcoin a key part of the country's economic plans. At a recent conference, he proposed creating a government stockpile of Bitcoin. Trump also suggested forming a "Bitcoin and crypto presidential advisory council" to encourage better regulations for the industry. His shift from skepticism to advocacy significantly changes his approach to digital currencies.
BTC broke significant resistance at $73679 after a long consolidation. It hit a high of $75080 and is currently trading around $73903.
Bull case-
Primary supply zone -$75000. Any break above confirms an intraday bullishness. A jump to $75750/$80000 is possible.
Secondary barrier- $80000. A close above that barrier targets $81980/$85000/$90000.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $73000 with SL around $66700 for TP of $90000.
