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Bitcoin Reaches New All Time Highs on Election Day

Written By: ChartChamp

November 6, 2024

Yesterday the financial markets experienced a strong intraday rally fueled by Trump’s election victory. Trump has been a very pro-crypto candidate that is driving a lot of hype around Bitcoin. Headed into the election Bitcoin experienced 6 days of downside, and there has been a common theme of starting off the new monthly candle with some downside. Some people think this is being caused by derivatives that need to be rolled over at the start of the month. BTC bottomed out on Monday and rallied 12.85%, climbing by $8,500 in less than 2 days. More importantly, BTC has finally broken above $73.7k and reached new all time highs. Currently BTC is flipping previous all time highs at $73.7k from resistance into support.

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