With the beginning of the election day in the U.S., Bitcoin regained its momentum and surged above $70,000 after the recent correction.
Bitcoin’s price surged by 2.7% in the past 24 hours and is currently trading over $70,000 with $42.9 billion in volume. The market cap now stands at $1.385 trillion.
The 1-day technical analysis shows very bullish santiment with the summary and moving averages pointing to “strong buy” with 16 and 14 signals, respectively, while oscillators remain in “neutral” at 8.
During the past 24 hours $224.95 million were liquidated from the crypto market ($133.21 in long positions and $91.74 million in shorts.)
Dogecoin was the biggest winner during this period, surging by 14.2% to $0.18 and currently has a market cap of almost $26 billion.
This uptick in the crypto market aligns with the ongoing presidential election in the United States. Many expect Trump’s potential win to boost prices, while others see Bitcoin surging irrespective of who wins.
Ethereum is rapidly emerging as the institutional favorite, with new ETF inflow data suggesting a seismic shift in investor focus away from Bitcoin.
Ethereum (ETH) has just triggered a golden cross against Bitcoin (BTC)—a technical pattern that has historically preceded massive altcoin rallies.
Veteran trader Peter Brandt has reignited discussion around Bitcoin’s long-term parabolic trajectory by sharing an updated version of what he now calls the “Bitcoin Banana.”
Bitcoin is once again mirroring global liquidity trends—and that could have major implications in the days ahead.