- Bitcoin price today surged above $71,000, reaching a high of $71,450, signaling a potential bullish phase as trading volume spiked 116% to over $48 billion.
- Substantial ETF inflows and heightened speculation ahead of the U.S. elections are driving Bitcoin’s rally, with some anticipating further gains if pro-crypto policies gain traction.
- Technical projections suggest Bitcoin could reach $78,000–$79,500 soon, with potential for a dramatic “wave-five rally” targeting $250,000 if it breaks past $73,757.
Bitcoin surged above $71,000 for the first time since June, marking a critical rally fueled by heightened market optimism and a significant 116% jump in trading volume, pushing daily volumes over $48 billion.
BTC price today briefly touched $71,450 before stabilizing around $71,000, as analysts suggest that Bitcoin may be poised for a bullish phase with potential new all-time highs in the coming weeks.
The rise has ignited discussions of a broader market rally, bolstered by increased inflows into cryptocurrency exchange-traded funds (ETFs) and a wave of speculation in anticipation of the upcoming U.S. elections.
Shivam Thakral, CEO of BuyUcoin, commented on the optimistic market backdrop, saying, “This surge is fueled by substantial inflows into ETFs and heightened speculation ahead of next week’s U.S. elections.”
Thakral added that leading altcoins are experiencing similar upswings, with Ethereum and Dogecoin up 4.13% and 14.81%, respectively.
The latest move comes as Bitcoin successfully breached its July high of $70,000, a target identified by market participants such as user Daan Crypto Trades on X, who noted, “Bitcoin has taken out that $70K July high… Now the next few levels are sitting in close proximity as well.”
Daan highlighted key upcoming technical resistance levels around $72,000 and $73,800, adding that earnings announcements, economic data, and the U.S. elections could all influence the short-term price action.
Technical analysts now project further gains, with optimistic scenarios suggesting a peak between $78,000 and $79,500. However, Gert van Lagen, a notable technical analyst, suggests that if Bitcoin breaches the $73,757 mark, it could lead to a dramatic “wave 5” rally, potentially targeting $250,000 before a recessionary downturn that could see prices plummet to as low as $1,000.
While the path forward remains uncertain, the market’s latest surge reflects strong investor sentiment, with some analysts hinting at geopolitical catalysts.
Thakral suggests a potential Trump win could further boost Bitcoin, with the former president’s pro-crypto stance potentially shaping the U.S. into a “global crypto hub.”
Key BTC price level to watch out for in November 2024
Bitcoin is currently testing key price levels, particularly around the $71,000 to $73,000 range. Here are some significant observations:
- Immediate Support and Resistance: The $69,500 level has become a support, and there’s resistance noted around $71,500. Breaking this resistance could lead to new all-time highs.
- Critical Resistance Zone: Bitcoin has entered a resistance zone between approximately $71,000 to $74,000. This zone is very significant due to previous high-time frame (HTF) supply and trend shifts.
- Market Sentiment: There’s a bullish sentiment with Bitcoin potentially targeting much higher levels like $73,800 if it breaks out convincingly from current levels. However, caution is advised as this zone has been a point of rejection in the past.
Technical Analysis Clues:
Breaking through a descending broadening wedge and testing weekly upper Bollinger bands suggest a potential for bullish continuation.
There’s an expectation of volatility around these levels, with traders looking at specific prices like $71,285, $71,296, $71,949, and $72,756 for potential movements.
Given this, the key level to watch for Bitcoin in the next few hours or days would be:
- Primary Resistance: Around $71,500 to $72,300. A close above this level without significant rejection could confirm a breakout towards new highs.
- Next Significant Levels: If Bitcoin surpasses the immediate resistance, levels like $72,700 (April high) and $73,800 (March/ATH) are in close proximity, which could be the next targets if momentum continues.
Remember, while these levels are based on recent market behavior and sentiment, cryptocurrency markets can be highly volatile, and other factors like global economic conditions, regulatory news, or shifts in investor sentiment can influence price movements quickly.
Read Also: Bitcoin Surges Past $70K, Supported by ‘Golden Cross’ and Election Optimism
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