Bitcoin (BTC/USD) was one of the biggest movers yesterday after Trump’s election win raised the prospect of crypto-friendly policies.
We are looking at potential support levels after the BTC/USD price fell from new record highs!
Bitcoin (BTC/USD) for 4 hours Chart by TradingView
What is dollar dominance?
Bitcoin was one of the strongest performing currencies yesterday after Trump – the candidate who embraced the cryptocurrency scene – won the US presidential election.
The US dollar also got support yesterday, but it was no match for Bitcoin HODLers who have FOMO about the cryptocurrency movement.
Remember that directional biases and volatility conditions in market prices are usually driven by fundamentals. If you haven’t done your homework on Bitcoin and USD yet, it’s time to check the economic calendar and stay up to date with daily fundamental news!
How high can the price of BTC/USD go?
Note that the pair is now heading lower after setting new record highs above $76,000.
Bitcoin could attract buying pressure at $73,000, which is not too far from the October highs, the R1 pivot point line ($72,406), and the 38.2% Fibonacci retracement of yesterday’s move.
Alternatively, BTC/USD price could fall to the $70,000 large handle closer to the pivot point line ($69,932), the 100 SMA on the 4-hours chart, and a major inflection point in the last few weeks before the pair sees sustained demand. On purchase.
Don’t believe that BTC/USD will see a major pullback before the bulls step in again?
Watch for bullish candles and continued trading above $76,000, which could attract more FOMO and push BTC/USD to $80,000 if not the moon.
As always, pay attention to headlines that may impact overall market sentiment, and be sure to practice proper position sizing when making any trades!
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