Bitcoin price regained its bullish momentum and remained well-supported above the $87,500 level. Although it recently lost some ground and dropped to $86,333, it quickly regained traction. This morning, BTC hit a significant milestone, surpassing the $89,500 mark.
The cryptocurrencies, especially Bitcoin and Elon Musk’s favorite Dogecoin have experienced a notable surge following Donald Trump’s win in the US presidential election. This rally is fueled by expectations that the new administration will be favorable toward blockchain technologies.
Bitcoin Price Surge Driven by Trump’s Reelection, Crypto-Friendly Policies, ETF Approval, and Halving Event
As we mentioned, the recent surge in Bitcoin’s price is largely due to the reelection of Donald Trump. Bitcoin reached a new record, topping $89,000 for the first time, and has risen more than 27% over the past week. This surge is part of a broader rally across cryptocurrencies.
Analysts believe that Trump’s victory has boosted confidence in the market, as many expect his administration to be more “crypto-friendly” and offer clearer regulations.
Trump has shown support for cryptocurrencies, even pledging to make the U.S. the “crypto capital of the world” and accepting campaign donations in crypto. His promises to support the industry have encouraged investors.
Apart from Trump’s victory, other factors have also contributed to Bitcoin’s rise. The approval of Bitcoin ETFs in January has allowed more investors to access Bitcoin easily, driving up its value. Additionally, a major event called the “halving” in April reduced the reward for mining Bitcoin, which decreases the supply and could increase demand.
Therefore, the surge in Bitcoin’s price is driven by increased investor confidence following Trump’s reelection and his crypto-friendly policies. The approval of Bitcoin ETFs and the April halving event, which reduces supply, have further fueled demand, pushing the price higher.
MicroStrategy’s Record Bitcoin Purchase Boosts Market Confidence and Price
MicroStrategy Inc. recently made its largest Bitcoin purchase since 2020, buying around 27,200 BTC for $2.03 billion between late October and early November. This brings the company’s total Bitcoin holdings to $24 billion, based on Bitcoin’s recent high of over $86,500.
Michael Saylor, the co-founder of MicroStrategy, first added Bitcoin to the company’s investment strategy in 2020 as a way to protect against inflation. Initially, they used cash reserves to buy Bitcoin, but later they funded more purchases by selling stocks and using convertible debt.
MicroStrategy’s big Bitcoin investment has paid off, with its stock rising more than 2,500% since mid-2020, far outperforming major U.S. stocks like Nvidia. After announcing their latest Bitcoin purchase, MicroStrategy’s stock went up 24%, reaching a new high of $335.
As of November 10, the company holds about 279,420 Bitcoin, worth around $11.9 billion, with an average price of $42,692 per Bitcoin. This makes MicroStrategy the largest Bitcoin holder among public companies, behind BlackRock’s U.S. ETF.
The company’s success has inspired other businesses to consider cryptocurrency as a valuable long-term investment.
MicroStrategy’s significant Bitcoin purchase has likely contributed to the price surge, as its large-scale acquisitions increase demand and signal confidence in Bitcoin’s long-term value. This has added to market optimism, further driving up Bitcoin’s price and attracting investor attention.
Bitcoin Holds Above $89,000; Eyes Key Resistance at $91,280 in Bullish Channel
Bitcoin is currently supported by an upward channel around the $89,000 level, signaling potential consolidation above this point. Immediate resistance is observed at $91,280, followed by stronger resistance at $93,320.
On the downside, support at $88,440 and $86,280 is critical, with the 50-day Exponential Moving Average (EMA) around $88,400 acting as an additional support zone. The Relative Strength Index (RSI) stands at 59, suggesting moderate bullish momentum with room for further gains.
Conclusion: Bitcoin’s trajectory remains upward as long as it holds above $89,000, with potential for further gains if resistance at $91,280 is broken.
Key Insights:
Support Level: Upward channel support around $89,000. Immediate Resistance: Key resistance at $91,280 and $93,320. Technical Indicator: RSI at 59 shows moderate bullish momentum.–
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