- Bitcoin is up around $200 in the past 24 hours as it now trades at $11,100.
- This is the highest price the cryptocurrency has traded at in many days and weeks.
- The leading cryptocurrency is purportedly moving higher on expectations of further stimulus and a potential Democratic-leaning election.
- There are also on-chain factors likely driving Bitcoin higher, analysts say.
- The leading cryptocurrency is moving above key resistance levels as of this article’s writing.
Why Bitcoin Is Rallying Now And Expected to Rally Further
Bitcoin is up $200 in the past 24 hours, pushing above $11,000. According to analysts, the market may be moving higher on expectations of a Democratic-leaning election and a stimulus buffet that may take place to stimulate the economy.
“Dollar getting shredded (EURUSD in blue). BTCUSD (purple) up, XAUUSD up. Market pricing in Democrat sweep and a stimulus buffet.”
Chart of BTC's price action over the past day or so relative to the price of gold and the value of the dollar relative to the euro.
Mike McGlone, senior commodities analyst at Bloomberg, has echoed this assertion. He wrote on the matter of Bitcoin performing well under a democratic administration in the White House:
“A potential Biden presidency should shine favor on further appreciation in the price of #Bitcoin. New leadership may change the hands-off policy of the Trump admin. – to the detriment of the broader crypto market – and nudge Bitcoin toward the mainstream, improving ETF chances.”
On-Chain Trends Bullish
Underlying these fundamental factors for Bitcoin are on-chain trends that show a path of growth for the crypto-asset.
Willy Woo recently said on Bitcoin’s on-chain trends.
“Meanwhile the on-chain fundamentals are showing more new investors are coming in than the mania phase of the last cycle (Dec 2017), without it reflected in price. This is because the unfettered trading games on derivative platforms is holding the price down.”
Crucial on-chain trends including but not limited to the hash rate setting new all-time highs, active addresses increasing over time, and new addresses spiking as new users enter the network for the first time.
Featured image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analysts Think Bitcoin Is Rallying Due to Market Pricing in "Stimulus Buffet"