Current trend

The BTC/USD pair is actively growing against the background of Donald Trump's victory in the US presidential election: today, quotes once again updated historical highs, rising above the 81900.0 mark, which, according to the CoinGlass analytical platform, led to the liquidation of short positions by 180.0 million dollars over the past 12 hours.

Investors hope that the politician will fulfill at least part of his election promises regarding the digital sphere, and most importantly, replace the head of the Securities and Exchange Commission (SEC) Gary Gensler with a more loyal official capable of developing clearer rules for interaction between technology companies and the authorities. In general, there is an increase in the activity of institutional and retail investors in the market, which is illustrated by the dynamics of capital investments: on Monday and Tuesday, when the election results were not yet known, 657.9 million dollars were withdrawn from Bitcoin ETFs, but from Wednesday to Friday they were replenished with 2.2891 billion dollars.

Most experts believe that the rate of "digital gold" by the end of the year may exceed the mark of 100000.00, however, some are already afraid of overheating of the market and the beginning of a correction to the area of 59000.00. In the medium term, much will depend on the statements and actions of the new White House administration: if Donald Trump's promise to make the United States the "crypto capital of the planet and the Bitcoin superpower of the world" turns out to be just a political ploy, a new price drop will become inevitable. Recall that after the election, the politician has not yet mentioned the digital industry.

Support and resistance

Technically, the price is trying to consolidate above 81250.00 (Murrey level [5/8]), after which the continuation of the uptrend to the level of 87500.00 (Murrey level [6/8]) will be possible. The key for the "bears" is the 75000.00 mark (Murrey level [4/8]), the breakdown of which will ensure the resumption of the decline to the targets of 68750.00 (Murrey level [3/8]) and 62500.00 (Murrey level [2/8]).

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are directed upwards, MACD is growing in the positive zone, Stochastic is horizontal in the overbought zone.

Resistance levels: 81250.00, 87500.00.

Support levels: 75000.00, 68750.00, 62500.00.

Trading tips

Long positions can be opened above 81250.00 with a target of 87500.00 and a stop-loss around 69700.00. Implementation period: 5–7 days.

Short positions can be opened below the 75000.00 mark with targets of 68750.00, 62500.00 and a stop-loss around 79000.00.