- Bitcoin price has factored in a modest price drop of 1.99% in the last 24 hours.
- The cryptocurrency’s daily trading volume has also dropped by 8.99% as per CMC data.
This year has marked its place in Bitcoin history with one of the most significant rallies. Cryptocurrency has become a familiar word, reaching new corners of the world as eyes turn to the US post-elections. Meanwhile, President-elect Trump continues making moves on the regulatory end, fostering innovation and growth.
The largest cryptocurrency, Bitcoin ended its two-day streak of upward movements with a modest price dip in the last 24 hours. Other altcoins such as Ethereum have also reflected this drop.
BTC’s daily price data shows a 1.99% price drop factored in by the digital asset. This price cycle began at $88,838 on November 12 and rallied to a new ATH of $89,956. At the time of writing, Bitcoin was trading at $86,647 as per CMC data.
Zooming out, over the past week, BTC price accounts for an 18.01% increase. At the week’s beginning, Bitcoin was trading at a low of $72,733. It’s weekly high, also the new ATH, can be expected to hit $90K in the coming days.
On inferring its Volatility Index, Bitcoin shows signs of settling down after high price fluctuations. Its RVI has receded to 47.39 dropping from 83.34.
What Factors Contributed to the Bitcoin Price Bull Run?
On inferring Bitcoin’s price movements, it exhibits an ascending channel pattern. This pattern usually suggests a bullish trend and further upward price movements. Additionally, the cryptocurrency’s bull power indicator value stands at 1.17, while the bear power indicator value stands at 0.83.
These indicators confirm the bull run, which was initiated for several reasons. Firstly, one of the major contributions was the US election week. Trump’s victory due to his pro-crypto stance propelled the token further to new highs. Other external factors such as Institutional movements and further the Q3 aspects also influenced its upward momentum.
Meanwhile, the founder of the non-profit organization Satoshi Educate, Dennis Porter posted on X that there is an important Bitcoin-related update from the US coming out. He stated that it would be announced in the next 48 hours.
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