Bitcoin (BTC/USD) was one in all the largest movers yesterday after Trump’s election win upped the percentages of cryptocurrency-friendly policies.

We’re eyeing potential support levels after BTC/USD has turned lower from its recent record highs!

Bitcoin (BTC/USD) 4-hour Chart by TradingView

What dollar domination?

Bitcoin was one in all the strongest performers yesterday after Trump – a candidate who embraced the crypto scene – won the U.S. presidential elections.

The U.S. dollar also gained support yesterday but was no match for the bitcoin HODLers who had FOMO on the crypto motion.

Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. Should you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to envision out the economic calendar and stay updated on day by day fundamental news!

How high can BTC/USD fly?

Note that the pair is now turning lower after making fresh record highs above $76,000.

Bitcoin could attract buying pressure at $73,000, which shouldn’t be too removed from October’s highs, the R1 ($72,406) Pivot Point line, and the 38.2% Fibonacci retracement of yesterday’s move.

Alternatively, BTC/USD could drop to the massive $70,000 handle that’s closer to the Pivot Point line ($69,932), the 4-hour chart’s 100 SMA, and a key inflection point in the previous couple of weeks before the pair sees sustained buying demand.

Don’t consider BTC/USD would see a big pullback before the bulls step in again?

Keep an eye fixed out for bullish candlesticks and consistent trading above $76,000 which could draw in additional FOMO and push BTC/USD to $80,000 if not the moon.

As at all times, be careful for headlines that might impact overall market sentiment, and be certain that you practice proper position sizing when taking any trades!