Bitcoin Price Reaches Record High Amid U.S. Election News
The peak set on 14 March around $73,750 is no longer Bitcoin's all-time high. As the BTC/USD chart reveals, today the price surged past $75,300 per coin.
This increase aligns with early results suggesting a lead for the Republican presidential candidate. Donald Trump previously promised support for the cryptocurrency sector during his campaign.
Today's BTC/USD technical analysis shows that Bitcoin is currently within a long-term upward channel (shown in blue). Key developments include:
In September, a reversal from the channels lower boundary set a new bullish direction.
In October, the price broke through a red line (marked by an arrow) that acted as the upper limit of a correctional channel within the ongoing long-term uptrend. This resembles the technical pattern known as a bull flag.
Current bullish momentum is reflected in a sharply ascending channel (shown with black lines).
Should Bitcoins new historical peak, along with Trumps potential cryptocurrency support, attract more buyers, the price may continue its rise.
The target for this current bullish impulse could be a line (shown with a red dotted line) projected parallel to the red channel, based on its height.
Read more: https://fxopen.com/blog/en/oa-bitcoin-price-reaches-record-high-amid-u-s-election-news/
Text source: Forex Trading Blog
