Bitcoin Surges to New All-Time High of $73,777 Amid US Presidential Election Uncertainty

Bitcoin (BTC) has broken above its all-time high, reaching a new milestone of $73,777 on Wednesday, November 6, 2024. This significant surge is largely attributed to the ongoing US presidential election, with former President Donald Trump leading in the polls.

The bullish momentum is supported by various technical indicators. The Relative Strength Index (RSI) on the daily chart has bounced off from its neutral level of 50 and currently reads 68, indicating strong bullish bias. Additionally, the price action suggests that if Bitcoin successfully holds above the $73,777 level, it could target the 141.40% Fibonacci extension level at $78,777.

Prior to this breakthrough, Bitcoin had faced rejection around its all-time high on October 29 and subsequently declined. However, it found support around $67,000 on Monday and began to rise, setting the stage for this new all-time high. The current price movement is also influenced by broader market sentiment and the anticipation of how the US presidential election outcome could shape the future of the crypto industry.

Institutional and retail investor interest, along with macroeconomic factors such as the perception of Bitcoin as a hedge against inflation and currency depreciation, are also contributing to the upward trend. On-chain data shows increased address activity and high levels of holding by long-term investors, further supporting the bullish sentiment.