Bitcoin (BTC) made a notable breakout on Wednesday, surpassing its previous all-time high of $73,777, as Republican nominee Donald Trump inched closer to securing a presidential victory. The market’s excitement around Trump’s likely economic policies and their impact on the US Dollar is contributing to the growing bullish sentiment, with Bitcoin now eyeing a new target of $78,777.
Bitcoin Eyes $78,777 as Trump’s Poll Lead Boosts Market Confidence
Bitcoin’s price surged past its previous record high on Wednesday, trading around $73,900. This marks a strong recovery after a brief pullback in late October, when the cryptocurrency faced rejection at $73,777 and dropped by 6.65%. However, after finding support near $67,000 on Monday, Bitcoin rebounded with a 2.24% rise by Tuesday.
A successful close above its all-time high could propel BTC to its next target at $78,777, driven by the 141.40% Fibonacci extension level. The Relative Strength Index (RSI) on the daily chart has also shown bullish signals, bouncing from its neutral level of 50 to 67, indicating that upward momentum is gaining traction. If BTC fails to sustain its rally and dips below $73,777, it could retest the $70,000 level.
Ethereum Approaching Key Resistance: $2,485 Could Trigger a Rally
Ethereum (ETH) is also showing signs of bullish potential. After a brief dip below its ascending trendline, ETH found support around $2,342 and bounced back on Tuesday. By Wednesday, Ethereum broke above its key resistance level at $2,485 and continued to rise, trading just above $2,500.
If Ethereum manages to close above $2,485, it could rally by 10%, potentially targeting its October 21 high of $2,769. The RSI indicator on the daily chart is trending upward and crossing above its neutral level of 50, signaling that bulls are starting to gain control. However, Ethereum must maintain this upward momentum to confirm the rally. A close below $2,342 could invalidate the bullish outlook and send ETH into a 9% decline to retest its September low of $2,150.
Also read : Gold Drops 0.5% As Trump Nears Victory- US Dollar, Bitcoin, And Stocks Surge
Ripple Finds Support and Signals Potential Recovery
Ripple (XRP) has found support at its daily level of $0.488, suggesting that a recovery could be underway. On Wednesday, XRP traded above $0.526, maintaining its positive momentum. The cryptocurrency’s rise over the past few days, combined with a bullish crossover on the Moving Average Convergence Divergence (MACD) indicator, points to further upside potential.
If Ripple manages to close above the next resistance level at $0.544, a 15% rally could be in the cards, with the next target at $0.626. The RSI, now at 50 and flipping above its neutral level, suggests that the bullish momentum is gaining ground. This could be an early signal of a potential breakout if the trend continues.
