Bitcoin has been on a tear, setting multiple new all-time highs in the past 24 hours alone. Starting from $74,500, it quickly surged past $75,000 and reached a fresh peak of $76,244. With a 9% increase in a single day, Bitcoin's rally shows no signs of slowing down.
In yesterday's morning note, we mentioned that achieving a new all-time high in the short term might hinge on a Trump victory. The high came sooner than expected, with Bitcoin prices rallying alongside Trump’s strong initial performance. As swing states were being counted, Bitcoin’s correlation with Trump’s chances seemed evident, with BTC climbing even before any official victory was declared. Just four hours after vote counting began, Bitcoin set a new all-time high.
Whilst we were not phased with who won the election, as both sides were long term bullish for Bitcoin. A Trump win is bullish for Bitcoin for several reasons: rising U.S. debt levels, support for a Bitcoin Strategic Reserve, the possible dismissal of SEC Chair Gary Gensler, and Bitcoin's currently bullish structure. For a more in-depth look at these factors, read our recent Thunder Trading article here: Bitcoin Hits New All-Time High Amid Trump’s Election Win
This outcome is as good as it gets from a cryptocurrency perspective. Just look at the sea of green—nearly every top 100 cryptocurrency is up over 15%, including all of our featured Stormrake Spotlight coins (GOAT, SUI, FTM, TAO, SOL, TIA).
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: TAO ($523.1)
Stormrake Spotlight: TAO ($523.1)
TAO has surged 20% since our mention in the Morning Note two days ago. While the entire crypto market has rallied as expected, TAO has outperformed and led the way in this bullish trend. As Bitcoin's rally continues, TAO is expected to follow suit.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has broken through previous price resistance levels, with the only remaining hurdle being the dotted green CPR level at $73.6k. Given the strong buying momentum, we anticipate Bitcoin will continue its upward trajectory. Any pullbacks to the 21 EMA should provide solid support, likely leading to a strong bounce.
BTC Total ETF Flows for 6 Nov: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has benefited from Bitcoin’s rally, and for the first time in 24 hours, ETH has slightly outperformed BTC. However, it still trails behind other major altcoins like Solana and Sui. ETH has yet to reach new highs and faces resistance at $2,750 and $2,865. Like BTC, the 21 EMA serves as a key support level that could provide a springboard for future gains.
ETH Total ETF Flows for 6 Nov: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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