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Bitcoin is back in price discovery as bets on Donald Trump winning the US presidential election spark 8% BTC price gains.
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 <img alt="Bitcoin heads to the moon — Watch these BTC price levels next from $75K" src="https://s3.cointelegraph.com/uploads/2024-11/01930035-7775-7c7c-b726-07155d014949" title="">
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 BTC/USD 1-month chart. Source: TradingView
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<h2 id="bitcoin-bull-market-support-levels-in-focus">Bitcoin bull market support levels in focus</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> confirms a new Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) record of $75,397 on Binance.
Popular market commentators are now eyeing key support levels that bulls need to protect.
For Checkmate, the pseudonymous analyst who is the founder of statistics resource Checkonchain, <a data-ct-non-breakable="null" href="https://x.com/_Checkmatey_/status/1854037825748132259" rel="null" target="null" text="null" title="null">key bull market trend lines</a> are still in play.
After reclaiming all of them in recent weeks, Bitcoin bulls potentially face the challenge of preserving them should sell-side pressure return to the market.
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 <img alt="Bitcoin heads to the moon — Watch these BTC price levels next from $75K" src="https://s3.cointelegraph.com/uploads/2024-11/01930030-6468-739b-8ab8-2fa653504a9c" title="">
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 BTC/USD chart with trend lines. Source: Checkmate/X
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Levels to watch include “classic” bull market support components such as the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-loses-200-day-trendline-first-time-in-10-months" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-loses-200-day-trendline-first-time-in-10-months">200-day simple moving average (SMA)</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-bull-market-trendline-last-sparked-30-gains" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-bull-market-trendline-last-sparked-30-gains">short-term holder cost basis (STH-CB)</a>.
At the time of writing on Nov. 6, the 200-day SMA and STH-CB stand at $63,546 and $64,337, respectively.
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 <img alt="Bitcoin heads to the moon — Watch these BTC price levels next from $75K" src="https://s3.cointelegraph.com/uploads/2024-11/01930032-44cb-7366-97d8-3f099134dc9d" title="">
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 Bitcoin STH-CB chart. Source: Checkonchain 
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Closer to home, order book liquidity data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="null" target="null" text="null" title="null">CoinGlass</a> shows the bulk of asks clustered around $75,500 as price tests uncharted territory.
To the downside, buyer interest is visible at $73,000, with bids laddered down to the $70,000 mark.&nbsp;
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 <img alt="Bitcoin heads to the moon — Watch these BTC price levels next from $75K" src="https://s3.cointelegraph.com/uploads/2024-11/01930033-2443-78e1-830b-e3c485e051d5" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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Referring to the rapid BTC price upside, Keith Alan, co-founder of trading resource Material Indicators, appeared skeptical.
“Degens are degening,” he <a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1853992629635346738" rel="null" target="null" text="null" title="null">said</a> while examining order book data.
Earlier, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-short-positions-liquidated-btc-all-time-high-75k-crypto-analysts" rel="null" target="null" text="null" title="null">Cointelegraph reported</a> on expectations that election-based price fervor may soon dissipate after hundreds of millions of dollars of crypto liquidations.
<h2 id="br-a-post-election-btc-price-dump-and-pump"> A post-election BTC price “dump and pump?”</h2>
Other cautionary market perspectives included a return to as low as the mid-$60,000 range in fresh post-election volatility.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-new-all-time-high-united-states-elections-donald-trump-kamala-harris" rel="null" target="null" text="null" title="null">Bitcoin hits new $75K high as Trump takes early election lead</a>
This came courtesy of analytics account Lucky Chart Ape on X, which <a data-ct-non-breakable="null" href="https://x.com/luckychartape/status/1854030206891380813" rel="null" target="null" text="null" title="null">uploaded</a> a forecast of what it called a “dump and pump scenario” after the vote count.
Thereafter, BTC/USD should recover toward $70,000.
<figure>
 <img alt="Bitcoin heads to the moon — Watch these BTC price levels next from $75K" src="https://s3.cointelegraph.com/uploads/2024-11/01930033-fa84-78dc-9498-bcb469be5098" title="">
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 BTC/USD perpetual swap chart. Source: Lucky Chart Ape/X
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“The fact that the volatility we’ve seen this week is extending in both directions is an indication that the election-related narratives are getting obliterated today,” Material Indicators <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1853923666574164393" rel="null" target="null" text="null" title="null">said</a> in one of its recent posts.<advertisement>
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin heads to the moon — Watch these BTC price levels next from $75K

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