Bitcoin (BTC) surged to a new all-time high of $76,658 on Thursday, fueled by a $130 billion spike in trading volume. This rally follows the Federal Reserve’s recent 25-basis-point rate cut, which has boosted investor sentiment amid economic uncertainty.
Additionally, Donald Trump’s U.S. presidential victory has reignited both retail and institutional interest in Bitcoin. BlackRock’s Bitcoin ETF reached a record trading volume of $4.1 billion, underscoring the cryptocurrency’s growing appeal as a hedge asset.
BREAKING: FED CUTS INTEREST RATES BY 25 BASIS POINTS SENDING BITCOIN TO ANOTHER ALL TIME HIGH!
What does this mean for you?
► Find out here: https://t.co/QxsKhyX6YG#News #InterestRates #RateCuts #TheFed #Feds #FederalReserve #Bitcoin #BTC #Finance #Economy pic.twitter.com/ighJvNs68a— iTrustCapital (@iTrustCapital) November 7, 2024
Additionally, the bullish trend was attributed to Donald Trump’s U.S. Presidential election victory, which reignited both retail and institutional interest in BTC as a hedge asset.
BlackRock’s Bitcoin ETF reported a record single-day trading volume of $4.1 billion, underscoring the strong demand from institutional investors.
Bitcoin Surge Driven by Fed Rate Cuts and Institutional Demand Amid Economic Uncertainty
The Federal Reserve lowered its interest rates by 25 basis points in the US, in line with market expectations. This follows a 50-basis-point cut in September. The rate decision came just two days after Donald Trump won the US presidential election.
The market was expecting this rate cut, and the CME FedWatch Tool shows there is also a nearly 70% chance of another rate cut in December. This has created uncertainty for the US Dollar (USD), with some believing that the dollar’s rally could slow down if the Fed hints at more rate cuts.
BREAKING:
*FEDERAL RESERVE CUTS FED FUNDS RATE BY 25BPS TO 4.75%$SPY pic.twitter.com/Pskm0TRqWc— Investing.com (@Investingcom) November 7, 2024
Therefore, the Federal Reserve’s interest rate cut and uncertainty around future cuts have likely contributed to Bitcoin’s surge to an all-time high.
As borrowing costs decrease and inflation concerns rise, investors may seek Bitcoin as an alternative store of value.
Trump’s Election Victory Sparks Bitcoin Surge Amid Optimism for Crypto-Friendly Policies
Donald Trump’s election victory boosted Bitcoin prices, as investors saw his policies as favorable for cryptocurrencies.
Trump’s expected stance on deregulation and his more lenient approach to crypto regulations were key factors driving the surge in Bitcoin’s value.
Bitcoin hit new record highs as traders anticipated that a Trump presidency would support the growth of digital assets by avoiding heavy-handed government intervention.
Reminder: Today is the FED meeting where a 25 bps rate cut is anticipated.
Following Trump's victory in the US presidential election, this could create a new wave of positivity in the investment space.$BTC will be pivotal, setting the tone for the entire crypto market,… pic.twitter.com/00y3Di9tvK— Denis (@CryptoDSLX) November 7, 2024
In addition, Trump’s focus on tax cuts and economic growth made investors hopeful that his policies would help innovation, including cryptocurrency.
Bitcoin, seen as a safe investment during market changes, gained popularity as people thought his government would be more supportive of digital currencies.
This shift in confidence and general market optimism helped push Bitcoin’s price to record highs, making it one of the big winners of Trump’s victory.
Bitcoin Price Forecast; Technical Indicators Signals Uptrend
Bitcoin (BTC) has seen a bullish breakout, pushing above the $73,610 pivot level and establishing a new support of around $75,409.
The rally appears strong, with the price testing the 1.618 Fibonacci extension at $77,807, a significant resistance zone. If BTC maintains momentum, it could aim for the next resistance levels at $80,401 and $82,248.
On the downside, immediate support lies at $73,610, followed by $71,017. The RSI currently shows bullish sentiment above 70, indicating potentially overbought conditions, yet the 50 EMA, around $71,442, reinforces the upward trend, suggesting bullish continuation.
Key Insights:
- Immediate Resistance: $77,807; Next Resistances: $80,401, $82,248
- Immediate Support: $73,610; Next Supports: $71,017, $68,423
- RSI above 70 indicates overbought conditions, signaling possible consolidation
–
You might also like Bitcoin Price Prediction 2024 – 2034
Flockerz Presale Surpasses $1.30M: Final Countdown Before Price Increase
Flockerz ($FLOCK) is making waves in the meme coin space with its unique “vote-to-earn” model, empowering community participation. With $1,310,705 raised out of a target of $1,565,876, the presale is nearing completion as interest grows.
There is only one day before the price increases to $0.0059571. This is a limited opportunity for investors to purchase $FLOCK at the current rate before the next price hike.
Flockerz stands out because of its decentralized autonomous organization (DAO), Flocktopia, where $FLOCK holders play an active role in governance. Every investor is also a decision-maker, influencing the project’s direction.
Incentives for long-term investors are particularly enticing, with staking rewards reaching up to 7,888%, aligning community engagement with token scarcity.
With listings on major exchanges and support from influencers on the horizon, Flockerz aims to make a substantial impact in the Web3 space.
Secure your $FLOCK using ETH, BNB, USDT, or a bank card on the official presale website. Join one of Web3’s most exciting, community-driven projects today.
Visit the Flockerz Presale Website.
The post Bitcoin Price Reaches New Highs Amid $130 Billion Trading Surge – Could $1 Million Be Next in 2024? appeared first on Cryptonews.
