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    Bitcoin Hits Record $75,397 Amid Election Bets and Market Watch on Supportive Levels

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    Bitcoin (BTC) is experiencing an 8% price surge following bets on Donald Trump potentially winning the US Presidential Election, hitting a record $75,397 on Binance. Market analysts focus on supportive levels such as the 200-day simple moving average (SMA) and short-term holder cost basis (STH-CB), which need protection from a potential drop in prices. Bids are clustering around $75,500, with any reduction in price attracting interest around the $73,000 mark. However, experts warn that post-election fluctuations could see the cryptocurrency drop back to around the mid-$60,000 range before bouncing back towards $70,000 again.

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    Guess what, Bitcoin (BTC) is rocketing again and bets on Donald Trump potentially winning the US Presidential Election are giving the cryptocurrency a major 8% price boost.

    Looking at data from Cointelegraph Markets Pro and TradingView, it seems that Bitcoin has hit a new record of $75,397 on Binance. This has got a lot of people chatting and suggesting various levels that need extra support from investors to keep prices soaring.

    According to Checkmate, an anonymous market whiz who runs stats site Checkonchain, Bitcoin bulls have to face the challenge of protecting these supportive levels against any downward pressure that might come from sellers.

    Specific levels under the spotlight for much-needed support include classic staples like the 200-day simple moving average (SMA) and short-term holder cost basis (STH-CB). As of Nov. 6, these levels stand at $63,546 and $64,337, respectively.

    Tracking resource CoinGlass shows that as Bitcoin tests new price ranges, the majority of ask prices are clustering around $75,500. For any potential price drops, buyers seems to be interested around the $73,000 level, with bids going down to about $70,000.

    However, not everyone is thrilled about the recent price jumps. Keith Alan, co-founder of Material Indicators, seems a bit unsure about the whole situation. He simply commented “Degens are degening,” while looking at the order book data.

    Previously, Cointelegraph suggested that the price hikes based around the election should cool down soon, after causing hundreds of millions of dollars in crypto liquidations.

    Some caution that post-election price shenanigans could see Bitcoin dropping back down to around the mid-$60,000 range. Lucky Chart Ape on X predicts a possible “dump and pump scenario” after the votes are counted, with Bitcoin prices bouncing back towards $70,000 afterward.

    Planting a flag in the midst of this rollercoaster, Material Indicators chimed in: “The fact that the wild price swings this week are bouncing both ways shows that election-related opinions are getting tossed aside today.”

    Just remember, any sort of investment or trading comes with its own risks. So, do your own research before making any decisions!

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