Bitcoin Bounce: Tesla’s Diamond Hands, Donald Trump’s Hopes to Trigger a Run To $92,000?

Bitcoin surprisingly reversed losses of October 23, building on gains of late Wednesday to revive hopes for bulls. Even though there is much more from buyers, the rejection of lower prices and the close above $66,000 is critical. For the uptrend to take shape, there must be a convincing close above $70,000 or September highs. If this leg up is with expanding volume, the probability of Bitcoin clearing March highs will be elevated. Overall, sentiment is positive, and a lot is expected from Uptober, the upcoming general election, and Donald Trump. A Trump win, some executives claim, could easily turbocharge gains to over $100,000.

At press time, Bitcoin is flat in the daily and weekly charts. The local resistance remains at around $68,000. If it is broken, not only will it trigger a mini bull run, but engagement will swell above the $40 billion level. For now, prices are firm, but trading volume is muted.

The following Bitcoin news could shape price action:

• Bitcoin prices are flat but steady at the back of rising difficulty and record high hash rate. What this signals is general miner confidence and their expectation of higher prices in Q4 2024.
• Executives think if Donald Trump wins, prices will soar above $74,000 and as high as $92,000. If that is the case, and coming with news of Tesla not selling their BTC haul, the coin has more room for growth going forward.

Bitcoin Price Analysis

BTC/USD found support from October 23 lows.

The immediate support is at $66,000.

Resistance is at $70,000 and September highs.

Aggressive buyers may load the dips as long as prices remain above $66,000.

However, better entries will be once Bitcoin climbs above $70,000. In that event, it would easily reclaim all-time highs.

Any dip below this week’s low, backed by rising volume, would ignite a sell-off toward $60,000.