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BTC price soars past $77k all-time high amid renewed fears

Earlier during this trading week, Bitcoin’s price reached a new all-time high near $77K, amid concerns about mass liquidations in a snap market reversal. The volatility came as the United States Federal Reserve lowered interest rates by an expected 0.25%. After the latest Federal Open Market Committee (FOMC) meeting, Fed chair Jerome Powell said risk factors impacting its dual inflation and employment mandate were roughly in balance. The most famous cryptocurrency is trading at $77,034.26, at the time of writing.

Recent indicators suggest that economic activity has continued to expand at a solid pace, with labor market conditions generally easing and the unemployment rate moving up but remaining low. Inflation has made progress toward the Committee’s 2% objective but remains somewhat elevated.

Bitcoin showed little sign of concern over macroeconomic minutiae as it set a new all-time high and its highest-ever daily close. BTC/USD was up 8% month-to-date at the time of writing, with Q4 gains sitting at 19.6%, as calculated by monitoring resources. data also revealed liquidity building heavily on either side of the spot price on exchange order books. Some analysts predicted a little pump before this overheated market makes a correction, with the 72,600 level must hold to keep the sentiments positive.

Some traders saw the potential for a long squeeze; a cascade of long BTC liquidations before the weekly close. Bitcoin is in price discovery, hitting a record high of $76,990, just a few days after Donald Trump emerged victorious in the United States presidential election. Several analysts predict further Bitcoin price highs as market participants anticipate a more crypto-friendly business environment under Trump’s presidency.

Bitcoin’s price will likely breach the $100,000 mark following election win. A high open interest (OI) in futures markets along with the increasing market dominance of stablecoins suggest traders are positioning themselves for high volatility in the price of Bitcoin. With the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.

Similar predictions were made in a Nov. 6 report by digital asset custodian Copper.co., which said Bitcoin’s upward trajectory may continue into the new year with a $100,000 target. Trump’s second term is viewed as bullish for the cryptocurrency space, where many participants expect clearer crypto regulations that favor blockchain innovation. However, Trump’s policies could mean inflation in the world’s largest economy will remain above 3.5% in the medium to long term.

In response to BTC’s new all-time highs near $77,000, BTC’s price surged beyond the key re-accumulation phase of the descending broadening wedge, indicating a potential parabolic move toward the $200,000 zone. The next projected target is between $90,000 and $100,000, with the ultimate goal of reaching $200,000 by around May 2025.

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