Bitcoin recently hit a new all-time high after the election of pro-crypto President Donald Trump. This surge followed a period of volatility and market anticipation around the election.
On October 31st, Bitcoin showed signs of weakness after a pre-election price spike, moving down toward a CME gap. This gap, a price difference created between CME’s Friday close and Sunday open, often acts as a magnet for price movement since Bitcoin trades continuously, unlike traditional markets. As expected, Bitcoin filled this CME gap by November 4th and formed a hammer candle pattern, typically suggesting a potential price reversal and momentum shift.
In the days leading up to the election, buyers began taking control around the 100 EMA (gray line), signaling potential upward movement. This initial buying pressure hinted at a bullish outlook, likely tied to expectations surrounding Trump’s favorable stance toward cryptocurrency.
Finally, on November 5th, after Trump’s win was confirmed, Bitcoin’s price saw a significant jump, reaching a new all-time high. This response reflected strong market optimism about potential crypto-friendly policies and added momentum for Bitcoin as a favored asset among investors.
