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.
Raoul Pal, CEO of Real Vision and a former Goldman Sachs executive, believes the ongoing crypto market rally could extend further than many anticipate.
Bitcoin’s on-chain activity has surged to levels last seen in December, potentially signaling a major shift in market sentiment.
Former U.S. President Donald Trump has expanded on his proposal for a national cryptocurrency reserve, confirming that Bitcoin (BTC) and Ethereum (ETH) will be central to the initiative.
Quantitative analysis from the crypto firm QuantEdgeB suggests that Bitcoin may be on the brink of a recovery, with key market indicators showing signs of a potential reversal.