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The peak set on 14 March around $73,750 is no longer Bitcoin's all-time high. As the BTC/USD chart reveals, today the price surged past $75,300 per coin.
This increase aligns with early results suggesting a lead for the Republican presidential candidate. Donald Trump previously promised support for the cryptocurrency sector during his campaign.
Today's BTC/USD technical analysis shows that Bitcoin is currently within a long-term upward channel (shown in blue). Key developments include:
→ In September, a reversal from the channel’s lower boundary set a new bullish direction.
→ In October, the price broke through a red line (marked by an arrow) that acted as the upper limit of a correctional channel within the ongoing long-term uptrend. This resembles the technical pattern known as a “bull flag.”
→ Current bullish momentum is reflected in a sharply ascending channel (shown with black lines).
Should Bitcoin’s new historical peak, along with Trump’s potential cryptocurrency support, attract more buyers, the price may continue its rise.
The target for this current bullish impulse could be a line (shown with a red dotted line) projected parallel to the red channel, based on its height.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under AFSL 412871 – ABN 61 143 678 719 respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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