Bitcoin is the largest and most popular cryptocurrency in world. Bitcoin price crosses the $80000 for the first time. Bitcoin price has surged 5.48 per cent in the last 24 hours.
Bitcoin surged to a record high of over $81,800 on Monday, driven by Donald Trump’s victory in the U.S. presidential election and the election of pro-crypto candidates to Congress, which fueled expectations of a lighter regulatory environment for digital assets.
The world’s largest cryptocurrency has more than doubled from its 2024 low of $38,505, reached on January 23. As of 10:10 a.m. IST, Bitcoin was trading 4.3% higher at $81,417, having previously touched a peak of $81,858 during the session. Meanwhile, Ether rose above $3,200 for the first time in over three months, last trading at $3,177.
The cryptocurrency industry had invested over $119 million backing pro-crypto U.S. congressional candidates in a bid to push forward crypto-friendly legislation. Last week’s results saw many of these candidates win their races, setting the stage for a Congress that may be more favorable to digital assets.
“Bitcoin surged to an all-time high of over $81,800 following the recent U.S. elections, driven by Trump’s victory and the election of pro-crypto candidates to Congress,” said Shivam Thakral, CEO of BuyUcoin. “This political shift has raised hopes for a more favorable regulatory environment, with fewer limitations on cryptocurrency markets. It’s expected that this will stimulate innovation and adoption within the industry, boosting long-term growth and stability in the cryptocurrency space.”
Edul Patel, CEO Of Mudrex, said, “The BTC fear-greed index signals “Extreme Greed,” indicating strong momentum, while long positions in futures have risen to $2.8 billion on BTC at $90K, showing market confidence in the ongoing bull run.”
“Ethereum has also rallied, climbing to $3,200 amid positive sentiment following Bitcoin’s latest peak. This upward momentum may fuel price action across broader markets. Bitcoin’s resistance stands at $82,500, with strong support at $75,600,” Edul said.
Meanwhile, other cryptocurrencies also posted gains, with Solana rising 2%, Dogecoin up 30%, XRP surging 3.6%, and Shiba Inu climbing 15.8%.
Tech view by Zebpay Trade Desk
BTC after making a high of $73,777 was trading in the ‘Descending Channel’ pattern. The asset gave a massive breakout above the channel and made a new all time high surging up to $81,730. On a daily time frame, BTC is trading in green over the past seven days and is forming a ‘Higher High Higher Low’ pattern. $73,750 and $70,000 will now act as strong support levels for the asset.
Key Levels for BTC:
Support 1: $73,750
Support 2: $70,000
Resistance 1: $85,000
Resistance 2: $97,500
