Bitcoin continued its bullish momentum, retesting the $68,000 resistance level for the first time since July and trading around $67,884, up over 3% in 24 hours. The global cryptocurrency market cap held strong above $2.4 trillion. Analysts linked the rally to increasing odds of Republican presidential nominee Donald Trump's victory on prediction markets, with CEO Thomas Fahrer of Apollo noting a correlation where a 1% rise in Trump's probability corresponded to a roughly $1,000 Bitcoin rally.
On-chain data revealed a mixed picture: short-term profit-taking saw over 7,127 BTC (worth ~$481 million) sent to Binance, but this was offset by institutional wallets accumulating more than 67,000 Bitcoins in the last 30 days, according to CryptoQuant. The Bitcoin Fear and Greed Index surged to 73, indicating a shift into "greed" territory.
Technical analysis highlighted a critical trendline around $66,500. Trader $0uL noted that a daily close above this level could trigger a rally toward $70,000 and a new all-time high, while a close below could lead to a sharp pullback toward $64,000 or lower. Despite Bitcoin's dominance hitting a three-year high of 55.3%, several altcoins posted significant gains.
Dogecoin (DOGE) led the top 100, surging 11.6% to $0.1258. Its rally was fueled by speculation around Tesla's potential DOGE purchases following a $225 million Bitcoin move and Elon Musk's growing political influence, including mentions of a hypothetical "Department of Government Efficiency" (D.O.G.E.). DOGE's open interest in futures hit a high since June 17.
Litecoin (LTC) gained 5.9%, reaching a two-month high of $72.79. The rally followed news that investment firm Canary Capital applied for a spot Litecoin ETF with the SEC. Solana-based meme coin Bonk (BONK) rose 5.7% after Osprey Funds announced the first BONK ETP, the Osprey Bonk Trust, which launched with over $48 million in assets under management.
