Markets.com Logo
euEnglish
LoginSign Up

Bitcoin Price Reaches $75,358: Market Analysis and Trading Patterns

Nov 7, 2024
2 min read
Table of Contents
  • 1. Bitcoin Hits Historic $75,000 Milestone After Trump won
  • 2. Bitcoin Rally Supported by Strong On-Chain Metrics

bitcoin-rising-width-1200-format-jpeg.jpg

Bitcoin price reached an all-time high of $75,358 after the U.S. presidential election results, before stabilizing at $74,037 as traders analyzed technical indicators and broader market conditions.
 


Bitcoin Hits Historic $75,000 Milestone After Trump won


Bitcoin reached a historic milestone, surpassing the $75,000 mark for the first time in its trading history, peaking at $75,358 following the announcement of Donald Trump’s return to the U.S. presidency as the 47th President. This surge marked a 10% upward movement before the cryptocurrency experienced a slight correction, settling at $74,037, reflecting a 1.1% pullback from its peak value.

Market activity surged during this significant price movement, with both retail and institutional traders showing strong interest, leading to robust trading volumes in both spot and derivatives markets. The technical landscape has caught the attention of market analysts, including CryptoBullet, who points out key developments in Bitcoin’s market dominance and technical indicators, such as the TD Sequential, which has historically highlighted shifts in market trends.

When comparing this rally to previous market cycles in 2018, 2019, and 2021, similar patterns have emerged, often foreshadowing significant changes in market direction. This makes the current indicators especially crucial for traders monitoring Bitcoin’s price action. Analyst Ali has also identified critical price levels to watch, noting $72,000 as a vital support level and $75,400 as an important resistance point for the near term.
 


Bitcoin Rally Supported by Strong On-Chain Metrics


On-chain metrics, according to CryptoQuant analyst MAC.D, offer a positive outlook, suggesting that the current rally is not yet at the overbought levels typically seen at market tops. Additionally, strong buyer interest around the $72,000 mark and modest selling pressure above current price levels are contributing to stable market conditions.

Interestingly, the futures market shows neutral funding rates despite the significant price jump, indicating that the rally has been primarily driven by spot market purchases rather than leveraged positions. Public interest in Bitcoin has also surged, with increased search engine queries and heightened discussion across social media platforms.

Overall, market depth analysis reveals solid liquidity across major exchanges, supporting stable price action despite the volatility of the recent rally. The efficient price discovery process, coupled with balanced participation from both retail and institutional investors, suggests a mature market structure, reducing the likelihood of speculative bubbles.

Traders and market watchers continue to focus on maintaining key support levels, particularly around $72,000, to ensure sustained upward momentum in Bitcoin’s price.


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Frances Wang
Written by
Frances Wang
SHARE

Markets

  • Palladium - Cash

    chartpng

    --

    -0.39%
  • EUR/USD

    chartpng

    --

    0.03%
  • Cotton

    chartpng

    --

    -0.19%
  • AUD/USD

    chartpng

    --

    -0.07%
  • Santander

    chartpng

    --

    2.07%
  • Apple.svg

    Apple

    chartpng

    --

    -1.34%
  • easyJet

    chartpng

    --

    -1.07%
  • VIXX

    chartpng

    --

    -0.79%
  • Silver

    chartpng

    --

    -0.20%
Tags DirectoryView all
Table of Contents
  • 1. Bitcoin Hits Historic $75,000 Milestone After Trump won
  • 2. Bitcoin Rally Supported by Strong On-Chain Metrics

Related Articles

Bank of England BoE

Week Ahead: Interest Rate Decisions from BoE in Focus

Several key economic releases are scheduled for the week of 4 – 8 August 2025. On Monday, 4 August at 0630 GMT, Switzerland will release its CPI m/m data, with June showing a +0.2% rise and July expected to remain steady.

Tommy Yap|in 4 days

AI Stocks Are Trending: NVDA Stock, SMCI Stock, C3.ai Stock, AMD Stock

AI Stocks Are Trending: the landscape of artificial intelligence (AI) is evolving rapidly, attracting considerable attention in the stock market.

Frances Wang|about 15 hours ago

VAPE Stock Soars 600%: What’s Happening with CEA Industries?

VAPE Stock Soars 600%: CEA Industries, known by its ticker symbol VAPE, has recently seen a remarkable surge in its stock price, soaring by 600%.

Ghko B|1 day ago
Markets.com Logo
google playapp storeweb tradertradingView

Contact Us

support@markets.com+12845680155

Markets

  • Forex
  • Shares
  • Commodities
  • Indices
  • Crypto
  • ETFs
  • Bonds

Trading

  • Trading Tools
  • Platform
  • Web Platform
  • App
  • TradingView
  • MT4
  • MT5
  • CFD Trading
  • CFD Asset List
  • Trading Info
  • Trading Conditions
  • Trading Hours
  • Trading Calculators
  • Economic Calendar

Learn

  • News
  • Trading Basics
  • Glossary
  • Webinars
  • Traders' Clinic
  • Education Centre

About

  • Why markets.com
  • Global Offering
  • Our Group
  • Careers
  • FAQs
  • Legal Pack
  • Safety Online
  • Complaints
  • Contact Support
  • Help Centre
  • Sitemap
  • Cookie Disclosure
  • Awards and Media

Promo

  • Gold Festival
  • Crypto Trading
  • marketsClub
  • Welcome Bonus
  • Loyal Bonus
  • Referral Bonus

Partnership

  • Affiliation
  • IB

Follow us on

  • Facebook
  • Instagram
  • Twitter
  • Youtube
  • Linkedin
  • Threads
  • Tiktok

Listed on

  • 2023 Best Trading Platform Middle East - International Business Magazine
  • 2023 Best Trading Conditions Broker - Forexing.com
  • 2023 Most Trusted Forex Broker - Forexing.com
  • 2023 Most Transparent Broker - AllForexBonus.com
  • 2024 Best Broker for Beginners, United Kingdom - Global Brands Magazine
  • 2024 Best MT4 & MT5 Trading Platform Europe - Brands Review Magazine
  • 2024 Top Research and Education Resources Asia - Global Business and Finance Magazine
  • 2024 Leading CFD Broker Africa - Brands Review Magazine
  • 2024 Best Broker For Beginners LATAM - Global Business and Finance Magazine
  • 2024 Best Mobile Trading App MENA - Brands Review Magazine
  • 2024 Best Outstanding Value Brokerage MENA - Global Business and Finance Magazine
  • 2024 Best Broker for Customer Service MENA - Global Business and Finance Magazine
LegalLegal PackCookie DisclosureSafety Online

Payment
Methods

mastercardvisanetellerskrillwire transferzotapay
The www.markets.com/za/ site is operated by Markets South Africa (Pty) Ltd which is a regulated by the FSCA under license no. 46860 and licensed to operate as an Over The Counter Derivatives Provider (ODP) in terms of the Financial Markets Act no.19 of 2012. Markets South Africa (Pty) Ltd is located at BOUNDARY PLACE 18 RIVONIA ROAD, ILLOVO SANDTON, JOHANNESBURG, GAUTENG, 2196, South Africa. 

High Risk Investment Warning: Trading Foreign Exchange (Forex) and Contracts For Difference (CFDs) is highly speculative, carries a high level of risk and is not appropriate for every investor. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin. Please read the full  Risk Disclosure Statement which gives you a more detailed explanation of the risks involved.

For privacy and data protection related complaints please contact us at privacy@markets.com. Please read our PRIVACY POLICY STATEMENT for more information on handling of personal data.

Markets.com operates through the following subsidiaries:

Safecap Investments Limited, which is regulated by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 092/08. Safecap is incorporated in the Republic of Cyprus under company number ΗΕ186196.

Markets International Limited is registered  in the Saint Vincent and The Grenadines (“SVG”) under the revised Laws of Saint Vincent and The Grenadines 2009, with registration number  27030 BC 2023.

Close
Close

set cookie

set cookie

We use cookies to do things like offer live chat support and show you content we think you’ll be interested in. If you’re happy with the use of cookies by markets.com, click accept.