Bitcoin has hit a new all-time high of $75,100, fueled by positive market signals amid recent US election developments favoring Donald Trump. The rise reverses a generally bearish trend seen in recent weeks.
The US election has significantly impacted Bitcoin's price, with institutional inflows reflecting optimism about a potential Republican victory. CoinShares reported $2.2 billion in inflows last week, linking them to election outcomes.
On Polymarket, Trump's odds of winning the election have soared, reaching 93.3%. This increasing confidence has led to substantial market bets totaling $2.3 billion, indicating a shift in investor sentiment.
Increased buying interest, as shown by BTC outflows from exchanges, confirms a bullish sentiment since mid-August. However, as Bitcoin reaches new highs, future demand might slow.
After today's 7% surge, Bitcoin finds support near $73,773 and $71,367. Though potential profit-taking could stabilize prices, a deeper correction remains possible.
If positive economic conditions persist, Bitcoin might aim for even greater heights beyond $75,100, signifying enhanced investor confidence.
