Bitcoin has reached a new all-time high, surpassing the previous peak set on 14 March. The price of Bitcoin surged past $75,300 per coin, showing a significant increase in value. This surge coincides with early election results indicating a potential lead for the Republican presidential candidate, Donald Trump, who has previously expressed support for the cryptocurrency sector.
Technical analysis of the BTC/USD chart reveals that Bitcoin is currently following a long-term upward trend within a bullish channel. Key developments include a reversal from the channel’s lower boundary in September, breaking through a correctional channel in October, and a current sharply ascending channel indicating bullish momentum.
If more buyers are attracted to Bitcoin’s new historical peak and the possibility of Trump’s support for the cryptocurrency sector, the price may continue to rise. The target for the current bullish trend could be projected parallel to the red channel based on its height.
FXOpen, a global Forex and CFD broker, offers popular cryptocurrency CFDs such as Bitcoin and Ethereum with floating spreads and 1:2 leverage. It is important to note that cryptocurrency CFDs are only available for trading by professional clients under specific regulations and not for retail clients.
With over 16 years of experience, FXOpen has established a strong reputation in the brokerage industry, providing a choice of platforms including MT4 and MT5, and a wide range of trading instruments. The broker also offers PAMM technology, allowing clients to follow successful trading strategies and automatically distribute profits and losses.
While the surge in Bitcoin’s price is exciting for investors, it is essential to remember that CFDs are complex instruments and come with a high risk of losing money. It is crucial to trade responsibly and be aware of the risks involved in cryptocurrency trading.
