Bitcoin hits a series of new all-time highs on its way to the 90K target, driven by strong demand following Trump’s victory

Bitcoin maintains a strong momentum, reaching a new record high above 82K early Monday, following a nearly 5% gain the previous day after breaking the psychological 80K level.

The rally was further fueled by euphoria surrounding Trump’s election victory, with his campaign’s crypto-friendly promises boosting demand.

After a brief consolidation, the market appears to have absorbed the news, reinforcing the bullish outlook.

Bitcoin is currently in the third wave of a five-wave cycle that began from the September 7 low of 52,563, surpassing the FE 161.8% level (81,210). The immediate target is 83,228 (FE 176.4%), with further upside likely to focus on 86,489 (FE 200%), potentially reaching the key psychological 90K level.

However, corrective pullbacks should be expected as daily indicators are overbought, and momentum has started to flatten.

Any dips are expected to be limited, providing opportunities to re-enter the market.

Key support levels include the broken 80K mark, which now serves as initial support, followed by the rising 5DMA at 78,258, the broken resistance of the larger bull channel at 75,140, the rising 10DMA at 74,170, and the former peak on October 29 at 73,615, where further declines are likely to find solid support.

Res: 83228; 84000; 85000; 86489
Sup: 81170; 80000; 78258; 75140