BTC/USD

The headlines around Bitcoin are already talking about the 100k level but first, bulls need to push above and gain acceptance at the 95k level.

Bitcoin is the big winner from the election of US President Donald Trump and with a crypto-friendly administration set to take over, FOMO has driven a massive breakout in BTC/USD.

Markets are making big moves on the back of Trump’s win and if House results confirm a Republican supermajority, there could be drive for even further highs in stocks and Bitcoin. The US Dollar, however…

Look at bitcoin’s latest weekly candle. Yes, it’s incomplete, but what a turnaround from where we were on Monday. As of the time of writing, it’s a big bullish pin. Unless we see a major reversal today, that’s a strong signal we may see further upside ahead.

Momentum may have turned higher for bitcoin this week, yet it lacks the trading volumes usually associated with a strong rally.

Bitcoin trades less than a day's range away from its all-time high. But whilst a break higher could be on the cards, we're wary that it could be a 'last hurrah' before its move to $60k.

Bitcoin saw the anticipated bounce above $60k on Wednesday, and there may still be some juice in the bullish tank for another crack at $70k - even if my bias for the weekly chart remains bearish further out.

Bitcoin has once again broken above $70k before a sharp reversal. The question is whether it will result in a eye-watering bear market like it has in the past.