After Donald Trump's recent victory in the election, the price of Bitcoin surged to over $90,000, recording an astonishing 11% increase in just one day.
The former president's positive stance on cryptocurrencies seems to have driven this upward trend, bringing Bitcoin closer to the much-anticipated $100,000 level.
Since November 5th, the asset has risen by 30%, with both retail and institutional investors closely monitoring its performance, and related stocks like Coinbase have also seen significant gains in recent days.
Bitcoin Price Soars Above $90,000 After Trump's Election Victory
After Donald Trump won the election, Bitcoin surged to over $90,000, rising 11% in just one day. The former president's supportive stance on cryptocurrencies has driven Bitcoin's rise, with the cryptocurrency gaining 30% since November 5th.
This surge has brought Bitcoin closer to the anticipated $100,000 milestone, which is eagerly watched by both retail and institutional investors. Cryptocurrency stocks like Coinbase have also experienced significant gains, with Coinbase's share price rising 75% since the election.
Analysts believe this trend is sustainable, especially if Trump's policies are favorable to cryptocurrencies. Amid the expected economic uncertainty under the Trump administration, investors' confidence in Bitcoin has been reignited, making it a valuable asset.
Kiyosaki Plans to Buy Up to $100,000 in Stocks with Bitcoin
Robert Kiyosaki, the author of "Rich Dad Poor Dad," has shared his Bitcoin strategy, emphasizing disciplined accumulation rather than speculative selling.
Kiyosaki currently holds 73 Bitcoins and plans to continue purchasing until Bitcoin reaches $100,000. He advises investors not to chase quick profits but to adopt a systematic buying approach.
Kiyosaki's comments reinforce his view of Bitcoin as a long-term asset and strengthen the idea of sustained purchasing to solidify the $100,000 level as a key price milestone.
His support may drive short-term price momentum and enhance Bitcoin's appeal as a stable investment choice.
Strong Dollar, Bitcoin Maintains Record Levels
Trump's victory has also kept the dollar near six-month highs, as investors expect the new administration to pursue tariff cuts and tax reforms.
This has strengthened inflation expectations and pushed up U.S. bond yields. Meanwhile, Bitcoin has dipped slightly to $87,105 after briefly touching $89,998, but remains near its peak.
The market is awaiting U.S. inflation data, and the Federal Reserve's interest rate decision may impact the dollar and Bitcoin. Faster-than-expected inflation could increase Bitcoin's volatility, but the long-term outlook remains optimistic.
With the increasing institutional interest and potential supportive regulations, Bitcoin's upward trajectory seems set to continue.
With Bullish Momentum, Bitcoin Eyes a Break Above $89,600
Bitcoin is currently trading around $87,700, maintaining its upward momentum, but facing resistance around $89,600. Breaking above this level could pave the way for the next resistance at $91,500, with further upside potentially extending to $93,300.
Immediate support is at $86,000, with other support levels around $84,700 and $83,200. The 50-day moving average currently at $83,200 is a key trend indicator, providing strong support. The RSI hovers around 62, indicating moderate momentum, but still leaving room for further buying.
Overall, if BTC can break above $89,600, it could see further upside, but if it fails to hold above $87,500, it may trigger consolidation.
