Bitcoin successfully broke its previous all time high and reached a new peak at $75,656 according to Coinglass. The largest crypto surprised everyone when it took a sharp 9.4% rise in the last 5 hours. This is a big win for BTC as it missed the expected rise in October. This rise in price coincides with the rising odds of winning for Donald Trump. But is this the final Bitcoin all time high for this season or there is more to come, let’s explore.
The US Election’s Role in Bitcoin’s Rise
One thing’s clear: politics isn’t just about debates and votes anymore—it’s affecting crypto too. With the US presidential election heating up, investor sentiment has shifted. Former President Donald Trump’s popularity soared on platforms like Polymarket, where his odds jumped from 58% to a jaw-dropping 97.1%. Meanwhile, Kamala Harris’s chances slipped down to just 3.4%. This sudden change in the political wind had investors feeling more confident, pushing Bitcoin higher.
Whale Activity and Market Shockwaves
But here’s the catch: with big gains come big moves. This price surge wiped out $477.83 million in crypto funds, catching more than 100,000 traders off guard. Most of the pain came from those betting against Bitcoin, as $354.69 million in short orders got liquidated. Whales—those big-money players—set up a high density of short orders above $75,000, causing the price to dip back to $74,048. It’s a reminder that in crypto, the market moves fast and not always the way you’d think.
What to Watch for Next
So, what now? Bitcoin seems steady around its support levels of $73,700 and $71,800. Analysts say some profit-taking could slow things down, but the overall vibe is still pretty positive. With exchange data showing BTC outflows for three straight months, people seem to be in a buying mood. While a pullback could happen if more traders cash out, many believe that this new peak isn’t going anywhere soon. Just keep an eye on those whale moves and election updates. The crypto community is waiting for a bigger Bitcoin All Time High
