With Bitcoin’s (BTC) current rally showing no signs of slowing, the asset has surged past key resistance levels, and an analyst has identified crucial price levels to watch.
Notably, the flagship cryptocurrency has hit a record high of $80,000, buoyed by the post-election rally, with the expectation that Bitcoin will target $100,000 next.
To this end, cryptocurrency trading expert Alan Santana observed that if Bitcoin makes a weekly close above $75,000, it will confirm a bullish bias, with past resistance levels turning into support, he noted in a TradingView post on November 10.
Based on the technical setup, Santana stated that the $69,000 level, representing the peak of November 2021, remains a key marker acting as strong support. The April 2021 high of $65,000 is another crucial level to watch, and investors should anticipate further gains if Bitcoin maintains its valuation within this range.
“As long as Bitcoin trades/moves above these levels, we are bullish and expect sustained long-term growth. With a bullish Bitcoin, the Altcoins will also grow,” Santana said.
At the same time, Santana cited the unique nature of the current rally, noting that whales are at the center of the price movement. On-chain data indicates that billions of Tether (USDT) continued to be minted, signaling increased buying interest.
“Right now, we’re in a Bull Market, so expect a lot of positive news to come your way. But remember, don’t get too swept up in the excitement! If you’re sitting on big profits, make sure to take some off the table,” the expert noted.
Indeed, Bitcoin and the broader cryptocurrency market are reaping from enthusiasm surrounding Donald Trump’s election, who has expressed support for the sector.
There is widespread anticipation that the cryptocurrency will likely sustain its momentum and reach a record high of about $100,000 amid increased capital inflow into Bitcoin and related products.
To this end, investors are showing significant interest in spot exchange-traded funds, which recorded a record inflow of $1.3 billion on November 7. BlackRock (NYSE: BLK) led the inflow, directing over $1 billion into its ETF.
The significance of this inflow was highlighted by the fact that BlackRock’s Bitcoin ETF volume quadrupled that of gold, as reported by Finbold.
Meanwhile, general buying interest in various assets has contributed to the crypto market’s $800 billion increase in market cap over the past two months, alleviating concerns about possible bearish sentiment.
Bitcoin price analysis
Bitcoin was trading at $79,460 at press time, up almost 4% in the past 24 hours. The weekly chart shows BTC up 16%.
As things stand, Bitcoin appears to be heading higher, but caution is needed. Investors should monitor the support and resistance levels at $75,000 and $80,000, respectively, as these will likely determine Bitcoin’s next direction.
Featured image via Shutterstock
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