- Bitcoin hits a new all-time high of $75,000, up 5.4% in 3 hours, coinciding with US election night excitement.
- Positive sentiment surges on social media, with a 5.5-to-1 ratio of positive to negative comments.
- Technical analysis shows strong support at $73,700, with price targets of $80,000 to $85,000 ahead.
Bitcoin (BTC) has marked a historic milestone, reaching a new all-time high of $75,000, according to data from Santiment. This surge, which represents a +5.4% increase in just the last three hours, has come amid the excitement of US election night, with early voting results showing a lead for former president Donald Trump, a figure perceived by many as more pro-crypto.
Bitcoin Boosted by Positive Social Sentiment
The timing of this rally has sparked significant social media buzz, with a notable surge in positive sentiment. Santiment’s data shows a ratio of 5.5 positive comments for every negative one, highlighting an overwhelming fear of missing out (FOMO) among investors. As the election results unfold, many believe this could be a catalyst for Bitcoin’s price movement, with the potential for continued volatility and sentiment-driven trading in the coming hours and days.
At the time of writing, BTC’s price stands at $74,130, with a 24-hour trading volume of $178.20 billion and a market capitalization of $1.47 trillion. BTC now commands a market dominance of 58.85%, with its price having jumped 7.7% in the last 24 hours alone. This unprecedented growth comes as the cryptocurrency cements its position in the financial landscape, even as it navigates this high-volatility period.
Crypto analyst Ali Martinez pointed out that Bitcoin has entered a period of price discovery, where many traders are attempting to short the asset. He highlighted that if BTC drops back to $75,550, over $210 million in long positions could be liquidated, potentially driving further price swings.
Bitcoin Support at $73,700, Targets $80,000 to $85,000
From a technical perspective, Bitcoin’s weekly chart maintains a bullish structure, despite some short-term weakness. Support has held strong at $73,700, and Bitcoin’s rise to new highs could be just the beginning. With targets of $80,000 and even $85,000 now on the horizon, investors and traders are keeping a close watch on the price movements as this election-driven surge plays out.
Bitcoin’s performance will likely remain influenced by the broader political climate, with the potential for both opportunities and risks on the table. As the market navigates this unprecedented period, all eyes will be on the next major price movements and whether Bitcoin can sustain this upward momentum or face corrections ahead.
Related | Crypto Markets Brace for U.S. Election Impact Amid Volatility Concerns: Report
