Summary:
Bitcoin rally continues, closing at $79K fueled by Trump's election win.
ETF inflows hit $1.8 billion, indicating strong market interest.
MicroStrategy's Michael Saylor promotes Bitcoin as a reserve asset for nations.
Potential for Bitcoin to reach $100K driven by demand outpacing supply.
Technical indicators show bullish signals for Bitcoin's price movement.
Key Highlights
- Bitcoin extends its rally to five consecutive sessions, closing at $79K amidst Trumpâs election victory and significant ETF inflows of $1.8 billion.
- MicroStrategyâs Michael Saylor views Bitcoin as a strategic reserve asset for nations, further increasing interest in long-term BTC investments.
- Following Trumpâs crypto-friendly policies, Bitcoin reached a peak of $79,208, igniting speculation about a potential surge toward $100K.
BTC Extends Rally Amid Trump Victory Impact
On November 9, Bitcoin advanced by 0.19%, solidifying the rally initiated by Trumpâs victory, closing at $76,619. The following day, it surged 3.36%, hitting an all-time high of $79,196.
Trumpâs Victory Drives US BTC-Spot ETF Market Inflows and BTC Demand
The market reacted positively to Trumpâs election win, with US BTC-spot ETFs reporting net inflows of $1,864.8 million for the week ending November 8. Notable inflows included:
- iShares Bitcoin Trust (IBIT) led with $1,251.1 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) gained $295.4 million.
- Bitwise Bitcoin ETF (BITB) received $76.8 million.
Bloombergâs Eric Balchunas noted that Bitcoin ETFs took in a staggering $1.4 billion in one day, predominantly influenced by Trumpâs victory.
Demand May Outstrip Supply Signaling a BTC Move Toward $100,000
Trumpâs commitment to establishing Bitcoin as a US strategic reserve could increase demand significantly. Currently, the US government holds 208,109 BTC, valued at $16.57 billion. If the government enhances its holdings, it could drive Bitcoin closer to the $100,000 mark.
MicroStrategy's Michael Saylor stated, âNations will adopt Bitcoin as a Treasury Reserve Asset,â as MicroStrategyâs stock surged 17.72% for the week ending November 8.
Technical Analysis
Bitcoin is currently trading above both the 50-day and 200-day EMAs, indicating a bullish trend. A break above $79,404 could lead to a target of $85,000, with further potential to reach $100,000. Conversely, a drop below $75,000 could place $70,000 at risk.
Ethereum Analysis
Ethereum remains strong, above its 50-day and 200-day EMAs. A breakout above $3,244 could signal a move towards $3,480. However, a fall below $3,033 could indicate a downward trend.
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