The broader crypto market additionally skilled acquire, nevertheless, distinguished cryptocurrencies like Solana (SOL) and Cardano (ADA) underperformed in comparison with BTC.
Analysts are linking Bitcoin’s current rally to U.S. political developments. Geoff Kendrick, an analyst at Standard Chartered, identified that the rising momentum for former president Donald Trump’s candidacy is driving optimism within the crypto market.
According to Polymarket, Trump now holds a 57% probability of profitable the 2024 U.S. presidential election. This represents the best chance since Joe Biden withdrew from the Democratic race. Additionally, Kendrick famous that if Trump wins, there’s a 70% chance of a Republican majority in each the House and Senate, additional fueling market confidence in a extra crypto-friendly surroundings.
Bitcoin Finds Strong Support Above 200-Day SMA
On the technical facet, Bitcoin’s rise above the 200-day easy shifting common (SMA) at $63,335 has strengthened its upward trajectory. This degree, which Bitcoin reclaimed on October 14, serves as a crucial help level. Historically, breaking above the 200-day SMA has led to substantial beneficial properties, and Bitcoin has struggled in current makes an attempt to maintain a rally at this degree.
Data from IntoTheBlock reveals that the 200-day SMA coincides with a requirement zone between $61,770 and $63,728, the place roughly 1.1 million BTC have been beforehand purchased by 2.5 million addresses. This means that Bitcoin is sitting on sturdy help, and with comparatively weaker resistance forward, the trail of least resistance seems to be upward.
