Massive Bitcoin Short Liquidations Send BTC Above ATH – Trump Win Sets A Bullish Environment
2024-11-07

Bitcoin surged to new all-time highs during election night, hitting an impressive $75,300 as market excitement reached a fever pitch. This milestone pushed Bitcoin into price discovery, igniting significant liquidations across trading platforms. 
Data from CryptoQuant reveals an unprecedented surge in short liquidations, surpassing $100 million within a single one-minute candle, marking a historic moment for BTC.
This explosive price action was fueled by the surprise Trump win in the U.S. election, which appears to have sparked renewed enthusiasm for crypto assets as investors respond to the potential economic policies ahead. The election outcome has sent shockwaves through the market, with Bitcoin leading a fresh rally across the crypto space.
Now in uncharted territory, Bitcoin’s move above $75,000 represents a powerful statement of investor confidence despite broader economic uncertainties. As BTC enters price discovery mode, traders and investors alike are bracing for further volatility, while many anticipate that this momentum could extend into even higher highs. 
The coming days will be critical as Bitcoin’s price action continues to drive liquidations and shape the outlook for the broader market.
Bitcoin Bullish Phase Begins
Bitcoin has officially entered a bullish phase, setting new all-time highs following Donald Trump’s election victory. As a known crypto supporter, Trump’s win has spurred market optimism, pushing BTC’s price above previous ATHs in a surge that began as election results favored his lead. 
This bullish breakout was accompanied by a dramatic liquidation spike, signaling strong buying pressure as bearish bets were swiftly unwound. Data from CryptoQuant analyst Maartunn shows that short liquidations exceeded $100 million in a single one-minute candle—an unprecedented event that underscores the power behind this rally and suggests that Bitcoin’s upward momentum is just beginning.
In the coming days, volatility will remain high as global markets digest the election outcome and brace for the Federal Reserve’s upcoming interest rate decision on Thursday. Investors anticipate a dynamic market response, with possible ripple effects across traditional and crypto markets. 
Should the Fed keep rates steady or make any dovish adjustments, it could further bolster Bitcoin’s rally and strengthen the broader crypto market.
The outlook remains bullish as market sentiment shifts positively with Bitcoin’s new price discovery phase. While short-term fluctuations are likely amid these major events, the long-term view favors a bullish trend as Bitcoin leads the crypto market higher in this new post-election environment.
BTC Visits Uncharted Territory
Bitcoin is trading at $73,800 after breaking its previous all-time highs and reaching a new peak of $75,300. This breakout has pushed BTC into uncharted territory, a phase that historically signals massive gains as bullish momentum builds. 
The focus is whether Bitcoin can maintain its momentum above the previous ATH of $73,800, a critical support level that could propel it further into new highs if held successfully. However, the timing of this move aligns with a particularly volatile week, as the market anticipates the Federal Reserve’s upcoming meeting.
The Fed’s decision on interest rates could introduce significant unpredictability, potentially tempering BTC’s rise or even sending it below the $70,000 mark if the outcome diverges from market expectations. As BTC navigates this price discovery phase, investors are closely eyeing key levels. 
Holding above $73,800 would strengthen the bullish narrative, while any pullback would test support levels and investor resilience amid broader market uncertainty. With volatility expected, this week could be pivotal for Bitcoin’s trajectory in the months ahead.
Featured image from Dall-E, chart from TradingView