Bitcoin (BTC) is on a remarkable bull run, drawing significant attention from investors and analysts. Its recent price surge reflects growing confidence in the digital asset. As of November 11, 2024, Bitcoin is trading around $81,497, driven by factors such as U.S. election outcomes, favourable market conditions, and recent Fed rate cuts.

A major catalyst for this rally is the U.S. presidential election. Donald Trump's victory has ignited optimism within the crypto community, as his administration is widely viewed as more crypto-friendly than Biden's. This political shift has boosted investor confidence, increasing demand for Bitcoin and other cryptocurrencies.

Market sentiment around Bitcoin is highly positive. The Bitcoin Fear and Greed Index shows "Extreme Greed," indicating strong investor confidence. This index, which tracks market emotions, suggests a bullish outlook that could propel Bitcoin to surpass $100,000 by the end of Q4.

In addition to the changed political landscape in the U.S., institutional interest in Bitcoin is also on the rise. According to the Blockworks BlackRock's iShares Bitcoin Trust (IBIT) records a 24-hour daily net inflow of $1.9 billion as of November 11, 2024. This influx of capital has pushed IBIT's Bitcoin assets under management (AUM) to an impressive $30.56 billion. Such substantial institutional inflows highlight the growing acceptance of Bitcoin as a viable investment option for both savvy and newbie investors.

Analysts are also bullish on Bitcoin's future price trajectory. Many are predicting that Bitcoin could reach $100,000 by December 2024, driven by the combination of favourable regulatory conditions and increased institutional adoption. Trump's pro-crypto stance is expected to pave the way for more supportive regulatory frameworks, further boosting investor confidence.

As Bitcoin continues its upward trajectory, there are key levels to watch. One significant milestone is whether BTC will stay above $83,500 on November 12 at 8 AM UTC. This level has become a focal point for traders and analysts, as maintaining a price above this threshold could signal continued bullish momentum and pave the way for new highs.

Bitcoin Technical Indicators: Bitcoin’s 10-day and 20-day moving averages reveal a bullish trend, signalling potential upward momentum. The Relative Strength Index (RSI) is above 70, indicating an overbought condition yet still allowing room for additional gains. The Moving Average Convergence Divergence (MACD) shows a positive crossover, further reinforcing this bullish trend. With Bitcoin having surpassed the $80,000 resistance level, continued upward growth appears likely.

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