Gate.io Blog Trump’s re-election boosts BTC to a new all-time high; how to trade in the coming market?

Trump’s re-election boosts BTC to a new all-time high; how to trade in the coming market?

06 November 17:14

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On November 6, at 3:30 p.m. Beijing time (early morning local U.S. time), Republican candidate Donald Trump officially confirmed his victory as the new President of the United States. Trump won with approximately 51.94% of the popular vote, defeating Democratic candidate Kamala Harris.
Since the U.S. presidential election vote count began on November 5, the <a href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a>, led by BTC, has seen a general rise. On the morning of November 5, BTC briefly dropped below $67,000 but rebounded in the evening to surpass $70,000. By the morning of November 6, BTC surged, briefly breaking through $75,000 to set a new all-time high. Following the final election results, BTC briefly pulled back to consolidate around $73,000.
As a more crypto-friendly candidate than Harris, Trump made several campaign promises that favored the cryptocurrency industry:
-Committing to ending regulatory hostility towards the crypto industry;
-Pledging to protect the right to mine <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and for the U.S. citizens to self-custody their digital assets;
-Promising to release Ross Ulbricht, convicted of creating the Silk Road darknet market;
-Promising to keep Senator Elizabeth Warren (proponent of strict crypto regulations) and her "enforcers" away from <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> holders;
-Vowing to replace Federal Reserve Chair Gary Gensler on his first day in office;
-Committing to establish a national <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> strategic reserve, with no intention of selling;
-Pledging to create a <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> advisory council;
-Declaring no support for a CBDC (Central Bank Digital Currency).
Trump’s election win has significant implications for U.S. policy direction, economic development, and the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a>. Over recent years, his stance on cryptocurrency has evolved, from initially criticizing Bitcoin and other digital currencies to showing interest in blockchain, accepting crypto donations, and even launching his own DeFi product. His return to office has greatly invigorated trading enthusiasm in the <a href="/price" target="_blank" class="blog_inner_link">crypto market</a>. How should we view Bitcoin's trajectory moving forward?
![](https://gimg2.gateimg.com/image/article/1730884683screenshot-20241106-170830.png)
## BTC Market Analysis
-Current Price: 73,141.05 USDT
-24-hour Increase: 6.10%
-24-hour High: 75,412 USDT
-24-hour Low: 68,614.43 USDT
-Support Level: 67,677.3 USDT
-Resistance Level: 76,804.3 USDT
-Fear and Greed Index: 70 (Greed)
## Trading Strategy
### Short-term Pullback and Short Strategy
-Direction: Short
-Entry Price: 74,000 USDT (close to the current price)
-Stop Loss: 75,500 USDT (above the resistance level)
-Target Price: 70,000 USDT (near support level)
Reasons:
1.The market is currently overbought, which could lead to a short-term pullback.
2.The Fear and Greed Index indicates an overly optimistic sentiment, potentially causing price adjustments.
Characteristics:
-Suited for short-term traders who can utilize market sentiment and technical indicators.
-Stop loss set above the resistance level to protect against unexpected price breakouts.
### Breakout and Long Strategy
-Direction: Long
-Entry Price: 77,000 USDT (after a breakout of resistance)
-Stop Loss: 76,000 USDT (below the resistance level)
-Target Price: 80,000 USDT (psychological threshold)
Reasons:
1.If the price breaks above 76,804.3 USDT resistance level, it could lead to further gains.
2.Strong buying interest is evident from current inflows.
Characteristics:
-Suited for medium- to short-term traders, utilizing breakout signals.
-Stop loss set below the resistance level to protect funds.
## Summary
In recent years, political turbulence, macro policy changes, and global economic uncertainty have impacted Bitcoin's trajectory, at one point reducing it by 70% from its 2021 peak. However, Bitcoin’s steady progress toward new highs remains undeterred. With pro-Bitcoin Trump back in power, his support for cryptocurrency is expected to spark new enthusiasm in the market, potentially propelling Bitcoin to new heights.
<div class="blog-details-info">
<div>Author: **Icing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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