Why The Crypto Market Is Surging Today?

The post Why The Crypto Market Is Surging Today? appeared first on Coinpedia Fintech News

With Donald Trump winning the U.S. election, the Trump vs Harris battle comes to an end. Following the result, the crypto market experienced a strong positive inflow with major tokens recording a double-digit surge.

However, with this investors are curious about questions like whether the crypto market will continue gaining value?” and “Is this a good time to invest in the crypto market?”. We at CoinPedia have covered in-depth research to uncover such doubts.

Bitcoin Price Achieves A  New ATH!

The BTC coin price has jumped 8.13% in the past day with a trading volume of over $100 million. This has resulted in it achieving a new ATH of over $75,000 during the early Asian market. Moreover, with increased price action, it eyes to retest the $80k soon.

The Relative Strength Index (RSI) is on the verge of testing its overbought range in the 1D time frame. Moreover, with a bullish convergence in its average trendline, the BTC crypto hints at a positive outlook.

On the other hand, the SMA indicator has experienced a positive crossover in the Bitcoin price chart. With the current market sentiments, the star crypto may continue gaining value this week.

Key Dates & Events This Month!

With a favorable outcome to the first major event of this month. The crypto market is preparing for the upcoming FOMC meeting which is scheduled tomorrow. Notably, with the present market sentiments, this meeting will play an important role in the short-term prospects.

With the potential start of an intense crypto bull rally soon, the upcoming meeting of South Korea’s Virtual Assets Committee during the middle of November could act as a catalyst for BTC price to achieve the $100k mark sooner than anticipated.

Will BTC Price Hit $80k This Week?

If the market continues to favor the bulls, the Bitcoin token will head toward its upper target price of $80,000 during the upcoming time. Maintaining that bullish sentiment could result in it moving toward the $85k range.

Conversely, if the crypto market experiences a short pullback, it could retest its $71,000 level. Further, if the bears outrun the bulls, the star crypto may plunge toward its lower support trendline of $68k.

Wondering if the largest crypto token will achieve the $100k mark this year? Read our Bitcoin (BTC) Price Prediction article to uncover the long-term possibilities!

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