Bitcoin is back in price discovery as bets on Donald Trump winning the US presidential election spark 8% BTC price gains.
BTC/USD 1-month chart. Source: TradingView
Bitcoin bull market support levels in focus
Data from Cointelegraph Markets Pro and TradingView confirms a new Bitcoin (BTC) 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, key bull market trend lines 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.
BTC/USD chart with trend lines. Source: Checkmate/X
Levels to watch include “classic” bull market support components such as the 200-day simple moving average (SMA) and short-term holder cost basis (STH-CB).
At the time of writing on Nov. 6, the 200-day SMA and STH-CB stand at $63,546 and $64,337, respectively.
Bitcoin STH-CB chart. Source: Checkonchain
Closer to home, order book liquidity data from monitoring resource CoinGlass 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.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Referring to the rapid BTC price upside, Keith Alan, co-founder of trading resource Material Indicators, appeared skeptical.
“Degens are degening,” he said while examining order book data.
Earlier, Cointelegraph reported on expectations that election-based price fervor may soon dissipate after hundreds of millions of dollars of crypto liquidations.
A post-election BTC price “dump and pump?”
Other cautionary market perspectives included a return to as low as the mid-$60,000 range in fresh post-election volatility.
Related: Bitcoin hits new $75K high as Trump takes early election lead
This came courtesy of analytics account Lucky Chart Ape on X, which uploaded a forecast of what it called a “dump and pump scenario” after the vote count.
Thereafter, BTC/USD should recover toward $70,000.
BTC/USD perpetual swap chart. Source: Lucky Chart Ape/X
“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 said in one of its recent posts.
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.