CoinDesk 20 Index: 2,333.79 +4.21%
Bitcoin (BTC): $76,158.35 +1.45%
Ether (ETH): $2,937.70 +4.23%
S&P 500: 5,973.10 +0.74%
Gold: $2,690.57 -0.27%
Nikkei 225: 39,500.37 +0.3%
Bitcoin made several attempts to establish a foothold above $76,000 in the morning hours. According to CoinDesk Indices data, BTC gained 1.7% in the last 24 hours and is currently approximately 0.9% below its all-time high above $76,900. The digital asset market, meanwhile, is up nearly 4% due to big gains with Cardano’s ADA up 16% at $0.43. Solana’s native token also continued its post-election rise, surpassing $200 for the first time since March. SOL is trading just above $204, up 8.75% in the last 24 hours.
With crypto pro Donald Trump returning to the White House, the most important question for traders is: What will be the next resistance level that can challenge the bulls? One of the simplest ways to determine the level in question is to examine the price chart. By drawing a trend line from the April 2021 high of $64,898 and the November 2021 high of $69,000 and extending it forward, we can see that resistance lies around $90,000. The recent move above $70,000, which represents where the long-term consolidation pattern has unraveled, suggests a resumption of the uptrend from the October 2023 lows. The breakout and the positive turn in the MACD histogram, indicating that the bullish momentum is strengthening, indicate that the resistance at $90,000 may be tested soon.
US-listed bitcoin exchange-traded funds (ETFs) recorded record net inflows of $1.38 billion, a day after Republican Donald Trump won the US presidency. BlackRock’s IBIT stood out among all products, with net inflows of $1.1 billion, the highest since its launch in January. Cumulative net inflows across all products exceeded $25 billion for the first time. None of the twelve ETFs recorded net outflows. Ether (ETH) ETFs also recorded net inflows of $78 million on renewed hopes for the decentralized finance (DeFi) space following Trump’s victory. ETH rose more than 10% yesterday as pro-crypto policies and expectations of deregulation in the Trump regime increased investors’ confidence in the asset.
SOL has been one of the biggest gainers following Donald Trump’s election victory, rising 11% against bitcoin in the past week. The SOL-BTC ratio has broken out of the triangular consolidation represented by converging trend lines, meaning the bulls are finally willing to lead the price action. It is coming. For the breakout to be confirmed, the weekly candle must close above the upper trend line. Source: TradingView