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What is Driving The Rally in Bitcoin: Bitcoin Price Analysis and Bitcoin Next Target

Over the past week, BTC has made new highs reaching close to $80k levels. This rally is seen in broader crypto market after Donald trump’s election win.

In this article, we will discuss Btc current price analysis, weekly analysis along with news roundup.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

BTC Price Target

Latest Price: $76,350

Market Cap: Approximately $1.49 trillion

24-Hour Trading Volume: $60.6 billion

Circulating Supply: 19.5 million BTC

Max Supply: 21 million BTC

Keep an eye on the breakout or breakdown for an upward target of $100k.👀

Weekly Price Analysis

Bitcoin has experienced a surge over the past week, with a weekly increase of about 9.5%.

The price has risen and now trades between $75,500 and $76,500.

Key Indicators

Relative Strength Index (RSI): Hovering above 70.

Moving Averages: Bitcoin’s 50-day moving average is trending above the 200-day moving average.

MACD: The Moving Average Convergence Divergence is in positive territory.

News Roundup

Bitcoin Hits New Highs Post-U.S. Election: Following recent U.S. election results, Bitcoin surged to historic price highs, with optimism driven by anticipated pro-crypto regulatory changes.

Institutional Investment Surge: BlackRock’s Bitcoin ETF saw unprecedented inflows at the beginning of November. Analysts see this as a key driver of the recent BTC rally, which is expected to sustain market enthusiasm.

BRICS Consider Bitcoin to Challenge USD Dominance: Nations within the BRICS alliance are reportedly exploring Bitcoin as an alternative to the U.S. dollar in trade settlements.

Major Institutional Purchases: Various institutions, including corporations like Microsoft, have been discussing Bitcoin investments. Emory University became the first U.S. university to publicly invest in Bitcoin.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

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