MAGA Coin

Future

Movement

Bitcoin

Avalanche

<p>The ongoing U.S. presidential election has sent waves through the <strong>cryptocurrency</strong> market, with <strong>Bitcoin</strong> reaching an impressive $75,100 high. Investor interest has surged as former President Donald Trump’s chances appear favorable, reversing Bitcoin’s recent downtrend. Many market analysts attribute this shift to Trump’s vocal support for <strong>crypto</strong> and his vision of the U.S. becoming a global <strong>Bitcoin powerhouse</strong>.</p> 
<p><a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="Bitcoin Hits Record High: Will the Rally Continue? Key Levels to Watch = The Bit Journal" width="728" height="90" title="Bitcoin Hits Record High: Will the Rally Continue? Key Levels to Watch 49"></a></p> 
<h2 id="bitcoin-s-election-driven-price-movement">Bitcoin’s Election-Driven Price Movement</h2> 
<p>Bitcoin’s price has surged in recent days, largely fueled by the election’s impact on market sentiment. Over the past week, institutional investments in crypto have soared to $2.2 billion. A Republican victory, particularly with Trump at the helm, is seen as a key driver of this influx. On the prediction platform Polymarket, Trump’s winning odds are up to 93.3%, with bets in his favor hitting $1.41 billion.</p> 
<h2 id="maga-coin-and-altcoins-surge-ahead-of-the-u-s-election">MAGA Coin and Altcoins Surge Ahead of the U.S. Election</h2> 
<p>Investor interest in cryptocurrency has been revitalized. Since August, confidence in Bitcoin has climbed, as evidenced by increasing BTC withdrawals from exchanges. This trend suggests long-term accumulation and a bullish outlook among <strong>crypto investors</strong>. Bitcoin isn’t alone in this rally, with <strong>altcoins</strong> also seeing gains: Ethereum (ETH) rose 6.6% to $2,589, Solana (SOL) jumped 15.1%, Dogecoin (DOGE) soared 25%, and XRP climbed 4.9%. Trump’s popularity, combined with meme coin enthusiasm fueled by Elon Musk’s support, has boosted Dogecoin in particular. Avalanche (AVAX) also gained 13.3%, while SUI (SUI) surged 20%.</p> 
<h2 id="key-support-levels-for-bitcoin-and-altcoins">Key Support Levels for Bitcoin and Altcoins</h2> 
<p>Following an 8% surge above $74,000, Bitcoin has established new support levels at $73,773 and $71,367 after bouncing from $68,248. Analysts caution that profit-taking at these levels could stabilize prices but warn of potential pullbacks. Altcoins have followed the trend, further signaling strong market momentum.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-66823" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/about-Bitcoins-record-breaking-rise-amid-the-U.S.-presidential-election.-The-scene-features-a-prominent-Bitc.webp" alt="Bitcoin Hits Record High: Will the Rally Continue? Key Levels to Watch = The Bit Journal" width="1792" height="1024" title="Bitcoin Hits Record High: Will the Rally Continue? Key Levels to Watch 50"></p> 
<h2 id="trump-s-crypto-support-investor-expectations-for-the-future">Trump’s Crypto Support: Investor Expectations for the Future</h2> 
<p>Trump’s advocacy for crypto during his campaign has struck a positive chord with Bitcoin investors. He has pledged not to sell the U.S. government’s BTC holdings and envisions America as a Bitcoin superpower. <a href="https://thebitjournal.com/elon-musk-and-trump-support-dogecoin-could-doge-reach-1/" target="_blank" rel="noopener">Trump’s</a> promise to replace SEC Chairman Gary Gensler, seen as critical of cryptocurrencies, has added to the optimistic sentiment, while his “never sell your Bitcoin” stance has energized long-term holders.</p> 
<h2 id="trump-s-surprising-move-bitcoin-transaction-in-election-campaign">Trump’s Surprising Move: Bitcoin Transaction in Election Campaign</h2> 
<p>With Bitcoin now trading at $74,700, this election-driven rally hints at a new all-time high, sparking optimistic expectations among crypto enthusiasts. The Bit Journal will continue to track the evolving market response and its potential impact on Bitcoin’s future trajectory.</p> 
<ul> 
 <li><a href="https://twitter.com/Thebitjournal_" target="_blank" rel="noopener nofollow">https://twitter.com/Thebitjournal_</a></li> 
 <li><a href="https://www.linkedin.com/company/the-bit-journal/" target="_blank" rel="noopener nofollow">https://www.linkedin.com/company/the-bit-journal/</a></li> 
 <li><a href="https://t.me/thebitjournal" target="_blank" rel="noopener nofollow">https://t.me/thebitjournal</a></li> 
</ul> 
<p>Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about&nbsp;breaking&nbsp;news!</p>

Bitcoin Hits Record High: Will the Rally Continue? Key Levels to Watch

Table of Contents

The Bit Journal

Other articles published on Nov 6, 2024

Warren Wins Massachusetts Senate Seat, Beats John Deaton

Binance Surpasses $8.3 Billion in Open Positions

Veteran Solana Trader Predicts 5,000% Increase for This SOL-Based Meme Token by 2025

VeChain News: Q2 and Q3 2024 Financial Report Highlights VeBetter DAO and Treasury Health

VanEck Unveils New Solana PYTH ETN: Expanding Investment Horizons

Crypto scammers hijack Skip Bayless’ X to promote SKIP and back Trump

Join our free newsletter for daily crypto updates!