Bitcoin (BTC) Jumps 4% as Election Results Begin to Roll In; ETH Nears $2.5K and DOGE Surges 8%

Leading cryptocurrencies jumped as polls began to close in the high-stakes presidential election between Donald Trump and Kamala Harris.

Major cryptocurrencies perked up on Tuesday as polls began to close in the nail-biting presidential election between Donald Trump and Kamala Harris.

After days of retracement, Bitcoin got back in the groove as it breached the $71,000 level. The apex cryptocurrency was now just 3.8% away from its all-time high of $73,737.

Ethereum also approached the $2,500 mark, while Dogecoin, the king of joke coins, surged by more than 8% as election results started to come in.

Trump was leading in the battleground states of Georgia and Florida, leading to his odds on Polymarket shooting up to 72%.

Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.

Short sellers suffered as more than $133 million in bearish bets were wiped out due to the rally.

Bitcoin’s Open Interest spiked by 3.70%, and top traders on the cryptocurrency exchange Binance remained bullishly positioned for the coin.

Market participants were showing themselves to be “Greedy,” according to the Cryptocurrency Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.34 trillion, following a 5.22% increase in the last 24 hours.

Stocks soared on Tuesday in anticipation of the results. The Dow Jones Industrial Average gained 427.28 points, or 1.02%, to close at 42,221.88. The S&P 500 jumped 1.23% to end at 5,782.76, while the tech-focused Nasdaq Composite closed 1.43% higher at 18,439.17.

Stock futures also rose in anticipation, with those linked to the Dow set to pop more than 300 points in the overnight session.

Best Cryptocurrency Scanners

Crucial Levels: Bitcoin’s recent highs have brought it within touching distance of its record peak. A failure to breach this level could lead to a retracement to the 50-day moving average at around $63,000. On the other hand, a sustained breakout above the all-time high might propel BTC to the next psychological level of $80,000.

Technical Setup: After a period of consolidation, Bitcoin has broken out of a symmetrical triangle pattern to the upside. This breakout is supported by a surge in volume, indicating strong buying pressure. The apex cryptocurrency is now approaching a crucial resistance zone, marked by its previous highs and the 200-day moving average. A failure to penetrate this zone could lead to a retracement, while a successful breakout might pave the way for further gains.

Widely followed cryptocurrency analyst Michaël van de Poppe noted Bitcoin’s move above $71,000 amid Trump's lead in the battleground states of Virginia and Florida.

“This might not be as tight as it was expected. This might also be the kickstart of the bull market + a weak labor market,” the analyst predicted.

However, there were also indications of profit-taking by whales after influential analyst Ali Martinez highlighted a 2% drop in addresses holding over 1,000 BTCs leading up to the election.

“#Bitcoin whales are dialing back exposure ahead of the U.S. elections, with a 2% drop in addresses holding over 1,000 $BTC,” the analyst noted.