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Report: $82,000 to $85,000 Range Could Become Psychological Resistance for Bitcoin

Report: $82,000 to $85,000 Range Could Become Psychological Resistance for Bitcoin

Bitget2024/11/11 17:04

Bitcoin surged after Trump's victory as US president, breaking through new all-time highs as the market reacted positively to his victory, pushing the price of bitcoin up 23 per cent from its pre-election lows, the report said. Record ETF inflows reached $2.28bn in three days, showing renewed institutional demand for Bitcoin. BlackRock's IBIT ETF alone attracted $1.1 billion in net inflows, reversing outflows during the pre-election de-risking period. This surge in demand marks a significant market shift, with buying interest absorbing selling pressure at all-time highs and stabilising market dynamics. The significant increase in consolidated spot cumulative volume demonstrated strong post-election buying on major exchanges. Among bitcoin futures and perpetuals, open interest (OI) also hit record highs, with the market showing a rise in speculative activity, but at high levels, OI and prices remained balanced and relatively stable. In addition, current profit-taking is relatively modest compared to the all-time highs of March, when realised profits amounted to $3.1 billion. We believe this reflects the market's maturity and has recalibrated its fair value expectations. Despite the favourable momentum, the US$82,000-US$85,000 range could become a psychological resistance level. We expect there could be some consolidation or potential pullback to $77,000 to fill the CME gap before bitcoin continues to climb on a higher timeframe. Market resilience, supported by institutional participation and emerging demand, provides a solid foundation for Bitcoin's price exploration in uncharted territory.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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