courtesy of bitcoinist.com
Rallying After Election Results
The Bitcoin price saw a substantial surge on Sunday, rising from the low $36,000s to above $37,000 once again. This rally came as a surprise to investors who had become accustomed to low momentum during weekend trading. The price jump was sparked by the announcement of the results of the Argentinian presidential elections, in which a pro-Bitcoin candidate emerged victorious. This outcome demonstrated the growing acceptance of cryptocurrencies among residents, leading to renewed investor interest in Bitcoin.
Bitcoin Holds Gains and Trading Volume Soars
By Monday, Bitcoin was still holding on to the majority of its gains and continued to trade above $37,000. The 28% increase in daily trading volume is a clear sign of renewed faith in Bitcoin, as investors once again show confidence in the market. The Fear & Greed Index, which measures investor sentiment, has shifted back into greed, indicating that investors remain bullish on Bitcoin. With new money pouring into the market, the Bitcoin price is expected to remain above $37,000.
Bulls Take Control and Support Builds
Support for the Bitcoin price initially sat above $36,400 but has now been reclaimed by the bulls, with support at $36,800. This shift in control to the bulls makes it easier for Bitcoin to sustain its price above $37,000. Additionally, Bitcoin has received significant support following Tether's announcement of its entrance into the Bitcoin mining sector. Tether plans to invest $500 million into its Bitcoin mining operations, further bolstering the bullish narrative surrounding Bitcoin.
Price Could Reach $38,000
With all these factors in play, Bitcoin's price is expected to continue its upward trajectory. If the bullish narrative persists, it is possible that the price could surpass $38,000 by the end of the week.
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